Bitcoin money laundry, EU agrees clampdown on bitcoin platforms to tackle money laundering

Mafias in Italy Use Bitcoin & Cryptos for Money Laundering

Art as cryptocurrency for the mafia, new way to launder money Masterpieces ensure prestige and serve to guarantee payments between bosses Maria Berlinguer Pubblicato il 11 Febbraio ROME.

Art works, like cryptocurrencies, are being used by the mafia to launder money.

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An enthusiastic video poker king Gioacchino Campolo, a video poker champion, loved art. Similarly, a 10 million euro art collection was seized from Gianfranco Becchina, an art broker and liaison for mafia leaders Matteo Messina Denaro bitcoin money laundry Nicola Schiavone the son of the head of the Casalesi. The stolen paintings were uncovered by officers of the Guardia di Finanza in a cottage in Castellamare di Stabia attributed to the drug trafficker, Raffaele Imperiale.

bitcoin money laundry

Mafia members moonlighting as art enthusiasts? The boom in the art market has become a litmus test of how easy it is for organized crime to launder its money. Economic return is a given if you invest in masterpieces poised to maintain, if not increase, in value over time.

  • Люди на экране вроде бы сидели в каком-то автобусе, а вокруг них повсюду тянулись провода.
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To put this in perspective, the global art market is worth between 58 and 60 billion euros. The market value of young artists has also skyrocketed, with figures exceeding the hundred million dollar mark for some works.

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A flurry of opaque records In the last decade, galleries and auction houses have set record after record, propping up masterpieces and artists from semi-obscurity to global commercial successes. Mafia members have caught on and taken advantage of the opportunity to launder dirty money in an industry with few bitcoin money laundry and regulations.

Crypto startup Eidoo, founded by Italians, which allows users to store, convert and spend digital currencies, selected an apartment in in a building structure that was sequestered for ndrangheta in Chiasso, Switzerland, just 0. This is the largest figure ever collected by an Italian crypto startup. However, according to the Antimafia Commission, it is alleged that a small amount of that funding came from unknown users — who seem to be connected to the ndrangheta gangs — salvaged their money via Bitcoins. Regulation Deficiency Currently, there is no Italian or European regulation preventing laundering of mafia activities via Bitcoins and other major cryptocurrencies. Blockchain Bubble Furthermore, 48 hours later, the President of the Antimafia Commission, Nicola Morra, further clarified on Studio24, the Rai News program, that: "The mafia have become professionals in using technologies such as bitcoins for criminal purposes.

About 18 billion euros or one percent of the national GDP in financial and economic crime was committed in to Seizures confirm the importance of investing in safe-haven assets for mafia members. In other words: diamonds, precious metals, paintings, and archaeological finds. We are faced with a Janus-faced operation that requires increasingly sophisticated investigative tools to uncover the crimes and trace the flow of money.

EU agrees clampdown on bitcoin platforms to tackle money laundering

Furthermore, the criminal chain manages to raise and keep track of a constant growth in value. Investigators also managed to document the "echo effect" ensured to the mafia bosses by owning artistic masterpieces of recognized universal value.

  • EU agrees clampdown on bitcoin platforms to tackle money laundering | Reuters
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  • Mafias in Italy Use Bitcoin & Cryptos for Money Laundering
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These are expensive trophies to be exhibited as a public demonstration of power, prestige, and dominion of the territory. Being able to exhibit a masterpiece gives prestige and reputation and it contributes to the idea of supremacy that a hegemonic group wants to express in a geographical area or in a specific sector of illegal trafficking.

Cryptocurrency \u0026 Money Laundering

Concealing wealth It is a tried and true strategy. Over the years, the clans have perfected their methods for concealing the influx of money that comes from drug trafficking and other types of fraud and racketeering.

bitcoin money laundry

The value of a work of art remains, in fact, discretionary. To determine how valuable it is is to base it on market evaluation.

EU legislators also backed stricter controls on pre-paid cards, and raised transparency requirements for the owners of trusts and companies. The agreed measures will end anonymous transactions on virtual currency platforms and with pre-paid payment cards, which investigators said could have been used to fund attacks by militants.

In hundreds of cases, in fact, paintings, sculptures, and frescoes guarantee the passage of money between one mafia group and another, free of risk. With a piece of paper, a private agreement, an exchange of virtual currency between bitcoin money laundry organizations is implemented and secured without a single masterpiece or art collection having to be transferred from one location to another.

bitcoin money laundry

The artworks remains in its original place, perhaps in a free port, inaccessible to all, and passes from one buyer to another. This is one of the new frontiers that investigators and legislators are focusing on.

Art as cryptocurrency for the mafia, new way to launder money

Meanwhile, the fifth directive of the European Union on anti-money laundering imposes on all operators in the sector the same rules of transparency in force for some time as for banks, notaries, accountants.

A first step towards transparency.

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This article first appeared in Italian in La Stampa. It has been translated to English by Talia Abbas.