Despite concerns about cryptocrime and avoidance of sanctions, fiat currencies are still in the lead when it comes to illicit trade.
The U.S. Department of the Treasury has released a three-year report covering money laundering, terrorist financing, and nuclear proliferation financing, all of which comprehensively discuss virtual assets.
While drawing attention to risks, the report emphasized that fiat currencies and traditional networks are much more widely used in finance than crypto.
National Money Laundering Risk Assessment named digital assets as an ever-evolving industry for money laundering.
It was stated that virtual assets also played an important role in both phishing attacks and ransomware scams throughout the pandemic.
The report alleged that the use of crypto as a method for money laundering, including drug money, is on the rise.
However, the US Treasury also acknowledges that fiat currencies are still the most widely used currency when it comes to crime.
“The use of virtual assets for money laundering falls far short of fiat currencies and traditional methods”
According to data from Chainalysis, the share of crypto in illicit funds is at its highest of all time. low, accounting for only 0.15% of all transactions. From there, it was 3.37% in 2019 and 0.62% in 2020.
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