BITCOIN CRYPTOCURRENCY ADDS TO VENEZUELA MONEY LAUNDERING RISK

On 7 April, Insight Crime reported that Venezuela is increasingly turning to the cryptocurrency Bitcoin, raising questions about its possible use in laundering money and evading US sanctions, not unlike the way Venezuela already uses the gold trade.  New ATM machines allow Venezuelans to trade fiat currency for the cryptocurrency Bitcoin.  In 2018, President Nicolás Maduro launched a digital currency dubbed “the petro,” claiming it would “move the country toward new forms of international financing for economic and social development” – but this failed.  However, it is said to have provided cover for the Maduro regime to create structures that would allow corrupt military leaders to launder money in the form of the cryptocurrency exchanges.

https://insightcrime.org/news/bitcoin-cryptocurrency-adds-venezuela-money-laundering-risk/

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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