Crypto Crime Heavily Perpetrated Via Exchanges Latin American Countries – Report

An intelligence firm, Intsights, has fingered digital assets for its negative effects. The new report says that a lot of crypto crime in Latin America is now being perpetrated via digital currency.

Intsights published a report dubbed “The Dark Side of Latin America” where it says there is an increase in money laundering using cryptocurrency. The report says that the money laundering enterprise seems to be on a steady rise because of the region’s poor economy.

According to the report, a large number of countries in Latin America are not doing enough to enforce proper regulations on digital asset exchanges such as Anti-Money Laundering (AML) and Know Your Customer (KYC).

The report also suggests that Latin American countries have become the choice destination for dumping these dirty funds after they have been propped through exchanges because their regulations are not properly enforced.

“Researchers estimate that after cryptocurrencies have been cleaned on exchanges, 97 percent end up in countries that have extremely lax KYC/AML regulations, with Latin American economies topping the charts.”

The report was released in collaboration with other firms including CipherTrace and Scitum.

Last year, a report showed that crypto crimes committed between July 2017 and June 2019 cost South Korea more than 2.69 trillion won – about $2.28 billion at the time.

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