May 29, 2024
Global Cash Flood $3.1 Trillion Laundered in 2023 (Nasdaq)
Latest Cryptocurrency News

Global Cash Flood, $3.1 Trillion Laundered in 2023: Nasdaq

Nasdaq’s “Global Financial Crime Report” excludes Bitcoin (BTC) and crypto, reinforcing the belief in fiat’s dominance in criminal activities.

The report highlighted that financial crime continues to be a ‘multi-trillion-dollar problem.’ Nasdaq estimated that in 2023, around $3.1 trillion in illicit funds flowed through the global financial system.

Nasdaq found that $782.9 billion was involved in drug trafficking, while $346.7 billion was linked to human trafficking. Additionally, around $11.5 billion was used for terrorist financing. Fraud scams and bank fraud schemes lost $485.6 billion in 2023.

Nasdaq CEO Adena Friedman stated that financial institutions have ‘been at the forefront of this issue for decades,’ emphasizing the need for a collective effort.

“Ultimately, we know that no single company, industry, technology, or government is going to solve the complex problem of financial crime alone. We all have a responsibility — to ourselves and to the world — to be part of the solution.”

Tether CEO Paolo Ardoino expressed concern over the multitrillion-dollar financial crime issue, advocating for multilateral cooperation to combat illicit activities. Tether collaborates with global law enforcement agencies to freeze addresses involved in criminal activities.

In a Chainalysis report, stablecoins emerged as the ‘cryptocurrency of choice’ for criminals in 2022 and 2023, surpassing Bitcoin, Ether, and other altcoins in illicit transaction volume.

Gabor Gurbacs, VanEck’s Director of Digital Assets Strategy, noted the absence of BTC, crypto, or stablecoins in the Nasdaq report. He emphasized banks and institutions as the ‘main conduit’ for criminal activities.

Image By vecstock

Related posts

Hong Kong’s e-HKD CBDC Pilot Enters Second Phase

Kevin Wilson

Mauritius FSC Gathers Stakeholder Input for Future Strategy

Harper Hall

eToro Expands in EU with Cyprus Crypto Registration

Cheryl  Lee

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.