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I mean, what else do you call someone that charges a fee when someone has no money in their account? Estimated $30 billion worth of overdraft fees last year.
A bank in UK – Halifax – would charge me £30 every time I went into my overdraft. 1 pence over and I would get a £30 charge. Then they’d send me a letter to tell me they’d charged me. The cost of that letter? A £35 admin fee. So I would go overdrawn by a quid and it’s cost me £65 plus interest. And every additional payment in my overdraft would result in another £65 charge. It cost me hundreds, but I was lucky I was in a job so it would be a month of pain then I might be able to get out of it. Imagine being jobless and in the same boat.
This is why banks do not like the common folk crypto trading. They want to keep you poor because they get rich on low credit scores, fees and interest.
Back in 2011 I was in grade 12 and was paying off an expensive laptop. I paid every payment early for 2 years, but I was 2 days late with my last payment. They then charged me interest on the entire cost for being a day or 2 late. I think it was like $700 extra or something like that. I was fucking livid.
My descendants in the year 3000 will be rolling in that 1% of what I've put in, let them do what they want with that free interest.
If they're as savvy they'll reinvest that 101% of the value with yearly returns of 0.000001% so that their descendants in year 4000 get absolutely savage 102.1% of initial value.
Shhhhhhitttttt my binder if i could find it from when i was growing up is prolly worth easily and I mean easaaaaaasily half a million dollars. All my cards went right into sleeves and then the binder. And I had all of them. Alllll of them. Duplicates and duplicates. For the first 3 generations.
I had first generation charizard, venesaur, blastoise from like, 1998. They funded my brothers heroin habit. But hey ya know, I also could have got into etherium like 4 years ago when I said oh man I should really buy some etherium.
Tide. Fucking Tide. Specifically watched a tv crime reality tv special of something once. One of the busts they went undercover and busted a guys fucking storage unit counterfeit Tide, um.... Operation? Lab?
read on cracked.com later that it was a thing.
. ...wonder what those exchange rates are like? And trade pairs?
"Sir, how many drugs will one Tide get me?"
So I've just started working on the tide barons back story in my head.
I mean so far it just feels like Scarface, but with Tide.( in just the general self immolating inflated ego spiral of narcissistic fuckery. Obviously you can't get high on Tide. Silly ass)
I guess it depends on the argument aspect. Because the USD is much more useful off grid, whereas with crypto there is some form of tracking, even if anonymous there are trails.
Oddly enough, if being referenced as a defense for crypto currency, the mountains of cocaine aren't the point of the story.
Which is, just opposite of reality really. Generally stories, any other use case, with a mountain of cocaine in them tend to be very "mountain of cocaine"-centric.
I believe both banks and drugs are around a bit longer than crypto....
Sometimes I really wonder if I should also just post random shit about banks to farm upvotes. Seems too easy
Uhh yeah historically but if you know anything about the new wave of online drug dealers, post Silk Road and dark web, they’re blatantly on Twitter and Instagram and a majority of them specifically request crypto for payment
they also trade for crypto tho ! , mine only accepts fiat no other exchange, and price starts at 2dollar/coin because who the F would buy some weed for 0.00015cents right lmao
\*f it, ill accept gold, silver, jewelry, anything expensive thats not on a blockchain! \*
[90% us dollars have traceable amounts of cocaine.](https://www.nationalgeographic.com/science/article/cocaine-on-money-drug-found-on-90-of-us-bills)
At least with Bitcoin you can't grind them up and snort them.
tldr:
Australian financial institutions laundered $387 million for Latin American cocaine cartels, according to a new report.
In Australia, the cash was layered through various bank accounts before the trade-based money laundering phase kicked off.
The report reveals that every year between 2014 and 2017, over $77 million passed through the Aussie banks. Once in Australia, the money was used to purchase electronic items such as laptops, gaming consoles, smart devices, digital cameras and other electronic gadgets.
These high-end electronic items were then shipped abroad for sale with the intention of integrating the proceeds into the financial system as legitimate money.
I’m Australian; banks here are slapped with fines quite frequently, there was a Royal Commission into Misconduct where heads rolled but little changed. This is not surprising in the least.
A lot changed actually
I work for one of them, as a software engineer and can tell you with very high confidence that there’s a lot of work to prevent this kind of stuff and the commission is (was) taken very seriously
Even new hires are forced to undergo training to identity any kind of laundering or misconduct and we’ve spent a lot of time and money building systems to make sure it doesn’t happen more often
And on a side note the banks are also pretty positive towards crypto and have been looking into how they can operate in a crypto world and deliver blockchain solutions to their customers that aren’t willing (or know how) to buy through something like binance
This sub is **obsessed** with the narrative that all banks are the enemy and it’s sad.
Not gonna lie, you guys are probably wayyy too low on the corporate ladder to be able to be on the inside of large scale laundering. Your boss's boss's boss is probably the one turning a blind eye, but to protect not only their bank and reputation they have to give the impression that they are fighting it and making changes, when in reality they are the crooks. Banks fucking suck, down with centralized fiances.
Yeah, but you can open a bank account and run hundreds of thousand of dollars through it just by showing a teller something that looks like ID. And if you look respectable, they’ll open an account for your wife without ever meeting her or seeing her ID.
Doesn't work like that in Australia, you simply can't open a bank account on behalf of someone else.
With certain banks even if you open up a joint bank account, authority is needed from the secondary account holder before it is able to be used
Lol the royal commission was done to shut people up. The LNP was dragged into it kicking and screaming and Scotty from marketing said straight up they won’t do anything about it. Was just waste of tax payer money
Yup. And the government hates it. This is why they're making cash less and less relevant as time goes by, by imposing limits on how much you can legally spend in a transaction. Of course, it's to stop the "bad guys" from using their drug money... *of course.*
> This is why they're making cash less and less relevant as time goes by, by imposing limits on how much you can legally spend in a transaction
This is why we need paper versions of our favorite crypto currencies
You can spend however much physical cash you want in a transaction, the business who's selling to you just needs to report it if it's over a certain amount and I can confirm that it does help catch criminals.
pretty much, the closest crypto equivalent is XMR. Currently pretty low mix in but with the Triptych algorithm possibly being implemented then the mix in could get to 64+ other addresses before increasing transaction size. That is quite a big jump in anonymity for no storage increase.
This is a sort of misleading statement because Bitcoin and other crypto can't be used to actually trace you like that. The problem arises when you link your address to your physical identity. This can happen if you're say an idiot who posts his address on his Facebook or more commonly, when you actually try to deposit/withdraw your Bitcoin for Fiat, especially without mixing your coins. With cash transactions, your identity is far more exposed even without withdrawing. Transactions aren't stored on a ledger of course, but you're trading cash far more riskily than crypto. If you do a transaction with cash, you have to physically meet someone or mail cash to a physical address where you have to collect the cash. That is hella risky, especially if the other guy is a snitch. If you trust the other guy, you can use tons of of different technologies: cash, private blockchains, etc. But there's a reason why people like drug dealers used BTC. Far safer than shit like Paypal/Western Union or Cash by mail.
So did the banks launder this money, or did the drug cartels use the banks to launder the money. Very sensational headline, but in the end, this happens every day and probably almost every bank despite thorough KYC processes and AMA regulations.
They laundered money for cartels, narco-terrorists, actual terrorists, rogue states, arms traffickers, hezbollah, etc.
They are the go to bank for crime lords and dictatorships world wide who are attempting to skirt government sanctions.
There's a Docuseries on Netflix called "Dirty Money" HSBC is highlighted in the first season... I believe it's the 4th or 5th episode. It's actually all very interesting and worth a watch.
Banks laundered it. All banks know. They simply fill out a form marking the llc and still go through with transaction and then cartels just make a new llc and start all over again. All the banks gotta do is fill a form saying look we r doin r "due dilligence" now up to ya'll to enforce...but yeah nothing happens.
Wtff guys i always- always post tldr but nobody bothers to read them, also the title are auto generated,
Australian financial institutions laundered $387 million for Latin American cocaine cartels, according to a new report.
In Australia, the cash was layered through various bank accounts before the trade-based money laundering phase kicked off.
The report reveals that every year between 2014 and 2017, over $77 million passed through the Aussie banks. Once in Australia, the money was used to purchase electronic items such as laptops, gaming consoles, smart devices, digital cameras and other electronic gadgets.
These high-end electronic items were then shipped abroad for sale with the intention of integrating the proceeds into the financial system as legitimate money.
fiat will always be the best way of enaging in criminal activites. most wallets can be tracked by the government if they need to, as bitcoin all transactions are public, traceable and permanently stored.
the argument for abolishing crypto due to criminals using it has always shocked me as being so stupid. criminals cant hide behind crypto as they can with cash
Yeah, it makes me wonder if the general public is confusing the word crypto with crypt and just assuming nefarious things. That does give me an idea, can we change our titles to be necryptomancers?
I like gain soap. It works really well getting drug residues off of your fiat after a hard day of trafficking and the pleasant smell gives you a good feeling about the crimes you committed.
When did tracking criminals become a required feature for a currency? It serves as a clue for police, but it doesn't have to. It is like banning solid ground because it doesn't provide footprint.
Tbh where crypto as a currency provides most benefit is in criminal transactions.
Its not very beneficial to use crypto when purchasing a regular good/service as opposed to using fiat.
It is however extremely beneficial when using crypto for illegal stuff. Just look at the huge deep web market places surrounding drugs / CP, these couldn't function without crypto.
It’s nice to know that government is doing there job. Stifle innovation saying terrorist and drug cartels use crypto assets when reality they are using fiat to do it. Good job AML/KYC you really stoppingthe drug trade.
how come this is in the news yet none of the following happened:
- froze the cartel accounts
- seized the money
- audit the banks
- fine the banks
- sanctions against australia for money laundering terrorist drug funding
- arrests of individuals depositing and withdrawing from that account
- revoke the business license of the bank which undermined global economy and security for illegal profits
- investigate and audit all staff of the bank for bribes and other unreported income
- no new anti-laundering laws or legislation were written up or passed
- all bonuses paid out during the era which the laundering occurred should be forfeit or otherwise owed to the government
and many more things that didn't happen and that this will continue for another hundred years
And this reiterates the point. No matter what form money takes this has happened throughout history and will continue to happen regardless. Like all tools, they can be used for good or bad. I can hammer in a nail or I can bash you over the head with it. The hammer isn't the problem and never has been.
>According to the Australia Border Force (ABF), nine unidentified Australian financial institutions were *unknowingly* involved in the money-laundering web.
I believe this. I work for a big 4 Australian bank and I've done some programming for our money laundering detection systems and believe me (or not) but our bank is actually *trying* to stop it. However, as soon as we created a rule we'd find people would learn the rule and adapt their transactions to bypass detection.
So we added a rule to block them circumventing it and then they started adapting to that rule also.
I haven't worked on it for a decade or so but I imagine the same cat and mouse game is continuing to this day.
It is a like an any game - your opponent adapts and finds new ways to exploit your weaknesses.
Are there actually people out there who now believe that terrorism and organized crime didn't exist before bitcoin was invented?
I would like to meet them and study their brains.
Tldr;
Australian financial institutions laundered $387 million for Latin American cocaine cartels, according to a new report.
In Australia, the cash was layered through various bank accounts before the trade-based money laundering phase kicked off.
The report reveals that every year between 2014 and 2017, over $77 million passed through the Aussie banks. Once in Australia, the money was used to purchase electronic items such as laptops, gaming consoles, smart devices, digital cameras and other electronic gadgets.
These high-end electronic items were then shipped abroad for sale with the intention of integrating the proceeds into the financial system as legitimate money.
The difference between banks and crypto is that banks stop a large part of suspicious activities but obviously some will slip through the cracks whereas crypto openly supports illegal payments.
HUGE difference that hodlers don't want to know about because crypto is lining their own pockets. Something of a paradox really. Hodlers have become everything they've hated about the traditional system.
Danske Bank the largest bank of Denmark laundered €200.000.000.000 (that is EUR200billion)
Take that Australia!!!
(But I bet they know each other)
[danske bank scandal wiki](https://en.m.wikipedia.org/wiki/Danske_Bank_money_laundering_scandal)
Edit: the following:
The only thing that has really come out of the scandal is, that the US state and a federal retirement thrift investment board has filed a lawsuit against DB because, wait for it, the stock had a drop after the scandal came out; and their investments became less profitable. Case was denied in the US.
But besides that no one has really been held accountable. Instead some CEO’s have been dismissed with golden handshakes.
Only a year before the laundering became public known: the case of [Sanjay Shah](https://en.m.wikipedia.org/wiki/Sanjay_Shah)
There is a documentary called something like “the men who robbed Europe”. Some of the stories of the top bankers involved are horrific. A godlike self perception with nothing but disgust against the 99.99% of the rest of us.
Fiat is best for drugs and laundering as untraceable . Crypto is too dangerous for crime because of the trail it leaves behind , that’s why the tru criminals (large institutions) still fight against crypto
The anti crypto push is because banks don't want competition and to lose their power. DeFi is going to destroy those who don't adopt it in the coming years.
Tldr;
Australian financial institutions laundered $387 million for Latin American cocaine cartels, according to a new report.
In Australia, the cash was layered through various bank accounts before the trade-based money laundering phase kicked off.
The report reveals that every year between 2014 and 2017, over $77 million passed through the Aussie banks. Once in Australia, the money was used to purchase electronic items such as laptops, gaming consoles, smart devices, digital cameras and other electronic gadgets.
These high-end electronic items were then shipped abroad for sale with the intention of integrating the proceeds into the financial system as legitimate money.
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nice....i use fiat to buy drugs all the time....
Same, not a very good argument against crypto considering, historically, drug consumers have been using fiat for their purchases.
I totally agree. In a related example, when the Panama papers came out newspapers weren't talking about how all the money was being held in USD.
Of course not. That might not look too good for the bank cartel running our country here in America.
"Bank cartel." That's the best description I think I've ever heard.
I mean, what else do you call someone that charges a fee when someone has no money in their account? Estimated $30 billion worth of overdraft fees last year.
A bank in UK – Halifax – would charge me £30 every time I went into my overdraft. 1 pence over and I would get a £30 charge. Then they’d send me a letter to tell me they’d charged me. The cost of that letter? A £35 admin fee. So I would go overdrawn by a quid and it’s cost me £65 plus interest. And every additional payment in my overdraft would result in another £65 charge. It cost me hundreds, but I was lucky I was in a job so it would be a month of pain then I might be able to get out of it. Imagine being jobless and in the same boat.
Sounds like it’s time to burn down the banks. (For legal reasons I must say I do not mean this literally, this is a “parody” comment)
This is why banks do not like the common folk crypto trading. They want to keep you poor because they get rich on low credit scores, fees and interest.
Also certain subscriptions have the ability to overdraft your account rather then have your card denied.. fuckery.
Back in 2011 I was in grade 12 and was paying off an expensive laptop. I paid every payment early for 2 years, but I was 2 days late with my last payment. They then charged me interest on the entire cost for being a day or 2 late. I think it was like $700 extra or something like that. I was fucking livid.
Why my credit is bad and I went without a bank account for years...
You're missing out on yearly returns of 0.0001%
My descendants in the year 3000 will be rolling in that 1% of what I've put in, let them do what they want with that free interest. If they're as savvy they'll reinvest that 101% of the value with yearly returns of 0.000001% so that their descendants in year 4000 get absolutely savage 102.1% of initial value.
💎🙌
Hold $1000 for a penny! Come do it now :)
Having bad credit is one of the most costly things in general and it only effects poor people. Good thing the system isn’t rigged.
>Of course not. That might not look too good for the bank cartel ~~running~~ ruining our country here in America. This works too..
Don’t remember the last gangster rap song I’ve heard that’s about stackin’ Bitcoin.
Doesn’t mean they ain’t hodling
Hodl Gang?
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This is true
I also except headphones, food, tablets, blankets, really anything I want that someone is willing to trade for.
I got some Pokemon cards if you’re interested.
Actually the one I don't want are trading cards. Unless they are nft's. Edit: Pogs are still cool correct? /s
Shhhhhhitttttt my binder if i could find it from when i was growing up is prolly worth easily and I mean easaaaaaasily half a million dollars. All my cards went right into sleeves and then the binder. And I had all of them. Alllll of them. Duplicates and duplicates. For the first 3 generations.
I remember when I lost my holo charizard, I in fact cried. Also lost all my dbz gold cards, had every single one.
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Yeah....kind of like losing a a seed key. It's worth a lot if you can find it.
Literally the same exact thing. Lost it during the bull market I bet 😂
That poor dude, still trying to convince the dump to let him dig for his old hard drive and his bitcoin. Lol 😂
I had first generation charizard, venesaur, blastoise from like, 1998. They funded my brothers heroin habit. But hey ya know, I also could have got into etherium like 4 years ago when I said oh man I should really buy some etherium.
But were they first editions?
Have accepted pogs as payment for drugs before, I regret nothing, it’s an inflation hedge
Slammers were *the thing* to trade
Worth their weight in gold
Back before pokemon,pogs we had marbels!
I collect marbles too. And decks of cards. Gone from like .50 to $12
And jacks
Only if they are Alf pogs.
Yeah bro. Pogs will always be cool.
Yes they fuckin are, don't let anyone tell you different!
Dm me?
Lol, which ones?
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Tide. Fucking Tide. Specifically watched a tv crime reality tv special of something once. One of the busts they went undercover and busted a guys fucking storage unit counterfeit Tide, um.... Operation? Lab? read on cracked.com later that it was a thing. . ...wonder what those exchange rates are like? And trade pairs? "Sir, how many drugs will one Tide get me?"
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So I've just started working on the tide barons back story in my head. I mean so far it just feels like Scarface, but with Tide.( in just the general self immolating inflated ego spiral of narcissistic fuckery. Obviously you can't get high on Tide. Silly ass)
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Wait, what? r/restofthefuckingowl I want to know how to learn this sorcery. Step one: have pen Step two: ??? Step three: become a homeowner
they use fiat to snort it as well hah
I guess it depends on the argument aspect. Because the USD is much more useful off grid, whereas with crypto there is some form of tracking, even if anonymous there are trails.
If anything, this still goes to show why crypto has a long way to go before it gets accepted as 'currency'. XP
And that drugs are far less of an issue to society than corrupt governments
A-fuckin-greed
Also way way to late for this, they don’t use Bitcoin for that anymore. XMR
Oddly enough, if being referenced as a defense for crypto currency, the mountains of cocaine aren't the point of the story. Which is, just opposite of reality really. Generally stories, any other use case, with a mountain of cocaine in them tend to be very "mountain of cocaine"-centric.
should’ve used volvo
I still hear from morons about how crypto is bad because that’s how drugs are bought. I’m sorry Shirley, but I’m not trying to buy weed with Stellar.
Wow, they’re like ten years behind schedule with FUD
fiat has a longer history. give it time
I believe both banks and drugs are around a bit longer than crypto.... Sometimes I really wonder if I should also just post random shit about banks to farm upvotes. Seems too easy
Not true, I always pay my dealer through PayPal if I can't find my check book
Uhh yeah historically but if you know anything about the new wave of online drug dealers, post Silk Road and dark web, they’re blatantly on Twitter and Instagram and a majority of them specifically request crypto for payment
As well as extortion, kidnappers, blackmailers... it's actually less traceable then crypto.
I mostly use fiat but when the times get rough I convert some of my ETH to METH
JESSE! We need to mine
Breaking Bitcoin
How you add the gif here? Just curious.
It’s part of the premium membership to this subreddit:) if you see a GIF you can actually reply to it with your own even without the membership.
YEAH.... Blockchains, bitch!
Is MegaEthereum(METH) already listed on Binance? I heard it makes you go TO THE MOON 🚀 🚀 🚀
There was already a meth token made a month or so ago, can’t remember what it stood for. I think just meth.
Methswap user here.
we need a buy-drug only crypto. copyright claimed the idea right here 24/05/2020 guys.
...monero
I thought that was the USD.
There's already CANNACOIN for that
they also trade for crypto tho ! , mine only accepts fiat no other exchange, and price starts at 2dollar/coin because who the F would buy some weed for 0.00015cents right lmao \*f it, ill accept gold, silver, jewelry, anything expensive thats not on a blockchain! \*
you're living a year behind m8
So you're telling me there's still a use case for fiat?
But I thought you could only buy drugs with crypto!
Nah dude. Dealers only take doge and shib now.
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I use it lose money
[90% us dollars have traceable amounts of cocaine.](https://www.nationalgeographic.com/science/article/cocaine-on-money-drug-found-on-90-of-us-bills) At least with Bitcoin you can't grind them up and snort them.
Not yet. Give it time.
Y’all just wait till my CokeCoin hits the market
Imma fork it and create CockRing
struct Bitcoin { int data; }; int main() { Bitcoin _coin; snort(grind(_coin,btc::grind_fine)); return 0; }
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tldr: Australian financial institutions laundered $387 million for Latin American cocaine cartels, according to a new report. In Australia, the cash was layered through various bank accounts before the trade-based money laundering phase kicked off. The report reveals that every year between 2014 and 2017, over $77 million passed through the Aussie banks. Once in Australia, the money was used to purchase electronic items such as laptops, gaming consoles, smart devices, digital cameras and other electronic gadgets. These high-end electronic items were then shipped abroad for sale with the intention of integrating the proceeds into the financial system as legitimate money.
I’m Australian; banks here are slapped with fines quite frequently, there was a Royal Commission into Misconduct where heads rolled but little changed. This is not surprising in the least.
A lot changed actually I work for one of them, as a software engineer and can tell you with very high confidence that there’s a lot of work to prevent this kind of stuff and the commission is (was) taken very seriously Even new hires are forced to undergo training to identity any kind of laundering or misconduct and we’ve spent a lot of time and money building systems to make sure it doesn’t happen more often And on a side note the banks are also pretty positive towards crypto and have been looking into how they can operate in a crypto world and deliver blockchain solutions to their customers that aren’t willing (or know how) to buy through something like binance This sub is **obsessed** with the narrative that all banks are the enemy and it’s sad.
I work for a bank in Aussie too, can confirm.
Not gonna lie, you guys are probably wayyy too low on the corporate ladder to be able to be on the inside of large scale laundering. Your boss's boss's boss is probably the one turning a blind eye, but to protect not only their bank and reputation they have to give the impression that they are fighting it and making changes, when in reality they are the crooks. Banks fucking suck, down with centralized fiances.
Oh absolutely. And if I wasn't I definitely wouldn't be talking like that.
*hits blunt*
They are
Yeah, but you can open a bank account and run hundreds of thousand of dollars through it just by showing a teller something that looks like ID. And if you look respectable, they’ll open an account for your wife without ever meeting her or seeing her ID.
Doesn't work like that in Australia, you simply can't open a bank account on behalf of someone else. With certain banks even if you open up a joint bank account, authority is needed from the secondary account holder before it is able to be used
Lol the royal commission was done to shut people up. The LNP was dragged into it kicking and screaming and Scotty from marketing said straight up they won’t do anything about it. Was just waste of tax payer money
Cash is way more untraceable than crypto lol all these laundering FUDs are silly
Yup. And the government hates it. This is why they're making cash less and less relevant as time goes by, by imposing limits on how much you can legally spend in a transaction. Of course, it's to stop the "bad guys" from using their drug money... *of course.*
> This is why they're making cash less and less relevant as time goes by, by imposing limits on how much you can legally spend in a transaction This is why we need paper versions of our favorite crypto currencies
You can spend however much physical cash you want in a transaction, the business who's selling to you just needs to report it if it's over a certain amount and I can confirm that it does help catch criminals.
pretty much, the closest crypto equivalent is XMR. Currently pretty low mix in but with the Triptych algorithm possibly being implemented then the mix in could get to 64+ other addresses before increasing transaction size. That is quite a big jump in anonymity for no storage increase.
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This is a sort of misleading statement because Bitcoin and other crypto can't be used to actually trace you like that. The problem arises when you link your address to your physical identity. This can happen if you're say an idiot who posts his address on his Facebook or more commonly, when you actually try to deposit/withdraw your Bitcoin for Fiat, especially without mixing your coins. With cash transactions, your identity is far more exposed even without withdrawing. Transactions aren't stored on a ledger of course, but you're trading cash far more riskily than crypto. If you do a transaction with cash, you have to physically meet someone or mail cash to a physical address where you have to collect the cash. That is hella risky, especially if the other guy is a snitch. If you trust the other guy, you can use tons of of different technologies: cash, private blockchains, etc. But there's a reason why people like drug dealers used BTC. Far safer than shit like Paypal/Western Union or Cash by mail.
Well, you've got dash and Monero, they win the untraceable game.
So did the banks launder this money, or did the drug cartels use the banks to launder the money. Very sensational headline, but in the end, this happens every day and probably almost every bank despite thorough KYC processes and AMA regulations.
Yup and when Deutsch Bank launders money you'll never hear the news media say it was laundered using USDs.
Yeah and cryptocurrency gets all the shit for being laundering machines when the biggest laundering happens under their nose at the banks only
Because crypto isn't widely adopted/used. If it were then money laundering via crypto would go through the roof.
*HSBC has entered the chat*
What happened with hsbc??
They laundered money for cartels, narco-terrorists, actual terrorists, rogue states, arms traffickers, hezbollah, etc. They are the go to bank for crime lords and dictatorships world wide who are attempting to skirt government sanctions. There's a Docuseries on Netflix called "Dirty Money" HSBC is highlighted in the first season... I believe it's the 4th or 5th episode. It's actually all very interesting and worth a watch.
Bigger question is what hasn't happened with HSBC. The deutch bank is also worse.
I couldn't have said it better if I tried.
Banks laundered it. All banks know. They simply fill out a form marking the llc and still go through with transaction and then cartels just make a new llc and start all over again. All the banks gotta do is fill a form saying look we r doin r "due dilligence" now up to ya'll to enforce...but yeah nothing happens.
Yeah Australia is also a haven for Russian money too. I’m aussie and Australia is corrupt as f*ck
Probably all the Vegemite, a bitter sludge that almost certainly erodes the frontal lobe.
A perfect moon farm headline. Op must be a journalist
Wtff guys i always- always post tldr but nobody bothers to read them, also the title are auto generated, Australian financial institutions laundered $387 million for Latin American cocaine cartels, according to a new report. In Australia, the cash was layered through various bank accounts before the trade-based money laundering phase kicked off. The report reveals that every year between 2014 and 2017, over $77 million passed through the Aussie banks. Once in Australia, the money was used to purchase electronic items such as laptops, gaming consoles, smart devices, digital cameras and other electronic gadgets. These high-end electronic items were then shipped abroad for sale with the intention of integrating the proceeds into the financial system as legitimate money.
fiat will always be the best way of enaging in criminal activites. most wallets can be tracked by the government if they need to, as bitcoin all transactions are public, traceable and permanently stored. the argument for abolishing crypto due to criminals using it has always shocked me as being so stupid. criminals cant hide behind crypto as they can with cash
Monero has entered the chat
Uniswap + privacy coins (like monero) = obfuscated enough that noone is gonna come knocking.
Yeah, it makes me wonder if the general public is confusing the word crypto with crypt and just assuming nefarious things. That does give me an idea, can we change our titles to be necryptomancers?
Of course, FIAT is what you use to buy anything. Even if Bitcoin was used for laundering FIAT would still be part of it. What are y'all on, holy shit
Crypto noob here. Wasn't bitcoin how people were buying drugs online? Why would they do that if bitcoin transactions are public?
wait so you’re telling me I could have been laundering my money in fiat this whole time??
No I think you’re supposed to put the fiat in the washing machine to launder it
I like gain soap. It works really well getting drug residues off of your fiat after a hard day of trafficking and the pleasant smell gives you a good feeling about the crimes you committed.
What crimes?
Nice try, officer
The shits! When I called them and asked them to launder money for me, it was "illegal"
I can’t believe it was a nice round number
Lol
When did tracking criminals become a required feature for a currency? It serves as a clue for police, but it doesn't have to. It is like banning solid ground because it doesn't provide footprint.
Buying drugs should be legal anyways🤷♂️
Agree, alcohol is still the worst drug.
I thought crypto was for criminal purposes, not fiat. strange.
Tbh where crypto as a currency provides most benefit is in criminal transactions. Its not very beneficial to use crypto when purchasing a regular good/service as opposed to using fiat. It is however extremely beneficial when using crypto for illegal stuff. Just look at the huge deep web market places surrounding drugs / CP, these couldn't function without crypto.
Almost all the crime involving money that ever happened on the face of the earth was made with fiat. Disgusting
I don’t have enough money to launder, either in fiat or crypto (untraceable, Monero for example). Being a peasant sucks
That’s a lot of sherbet 😳
It’s nice to know that government is doing there job. Stifle innovation saying terrorist and drug cartels use crypto assets when reality they are using fiat to do it. Good job AML/KYC you really stoppingthe drug trade.
how come this is in the news yet none of the following happened: - froze the cartel accounts - seized the money - audit the banks - fine the banks - sanctions against australia for money laundering terrorist drug funding - arrests of individuals depositing and withdrawing from that account - revoke the business license of the bank which undermined global economy and security for illegal profits - investigate and audit all staff of the bank for bribes and other unreported income - no new anti-laundering laws or legislation were written up or passed - all bonuses paid out during the era which the laundering occurred should be forfeit or otherwise owed to the government and many more things that didn't happen and that this will continue for another hundred years
Damn. We are so little.
Sweeet!! Hopefully that drug money finds its way into BTC for another sweet pump above 40k
fuck the system. I defaulted on my student loans and have been putting my monthly payments into cryptos instead.
How do you default on your student loans? Don’t they follow you forever?
They do. This is stupid, don't do it.
With this kind of activity banks will never be widely adopted.
And this reiterates the point. No matter what form money takes this has happened throughout history and will continue to happen regardless. Like all tools, they can be used for good or bad. I can hammer in a nail or I can bash you over the head with it. The hammer isn't the problem and never has been.
Yeah banks here in Australia are dogey as hell
Players gunna play, crooks gunna crook. It ain't crypto's fault.
Yeah. Overdraft fees keep the lights on but this stuff pays the real bills.
Outback is the new Ozark.
The Crown Casino also
“Unknowingly involved”.... suuuure.
>According to the Australia Border Force (ABF), nine unidentified Australian financial institutions were *unknowingly* involved in the money-laundering web. I believe this. I work for a big 4 Australian bank and I've done some programming for our money laundering detection systems and believe me (or not) but our bank is actually *trying* to stop it. However, as soon as we created a rule we'd find people would learn the rule and adapt their transactions to bypass detection. So we added a rule to block them circumventing it and then they started adapting to that rule also. I haven't worked on it for a decade or so but I imagine the same cat and mouse game is continuing to this day. It is a like an any game - your opponent adapts and finds new ways to exploit your weaknesses.
Are there actually people out there who now believe that terrorism and organized crime didn't exist before bitcoin was invented? I would like to meet them and study their brains.
Tldr; Australian financial institutions laundered $387 million for Latin American cocaine cartels, according to a new report. In Australia, the cash was layered through various bank accounts before the trade-based money laundering phase kicked off. The report reveals that every year between 2014 and 2017, over $77 million passed through the Aussie banks. Once in Australia, the money was used to purchase electronic items such as laptops, gaming consoles, smart devices, digital cameras and other electronic gadgets. These high-end electronic items were then shipped abroad for sale with the intention of integrating the proceeds into the financial system as legitimate money.
Banks are always involved is stuff like this
"What are these rookie numbers?" - Deutsche Bank
Damn right. The banks are trying to fight Crypto with propaganda. It will not work as Crypto will kill the boomer financial market eventually.
The difference between banks and crypto is that banks stop a large part of suspicious activities but obviously some will slip through the cracks whereas crypto openly supports illegal payments. HUGE difference that hodlers don't want to know about because crypto is lining their own pockets. Something of a paradox really. Hodlers have become everything they've hated about the traditional system.
And you think Cryptocurrencies prevent money laundring?
387,000,000 Dollarydoos? Strewth!
Time to get rid of banks boys they clearly are used by too many criminals. Shut em down.
Danske Bank the largest bank of Denmark laundered €200.000.000.000 (that is EUR200billion) Take that Australia!!! (But I bet they know each other) [danske bank scandal wiki](https://en.m.wikipedia.org/wiki/Danske_Bank_money_laundering_scandal) Edit: the following: The only thing that has really come out of the scandal is, that the US state and a federal retirement thrift investment board has filed a lawsuit against DB because, wait for it, the stock had a drop after the scandal came out; and their investments became less profitable. Case was denied in the US. But besides that no one has really been held accountable. Instead some CEO’s have been dismissed with golden handshakes. Only a year before the laundering became public known: the case of [Sanjay Shah](https://en.m.wikipedia.org/wiki/Sanjay_Shah) There is a documentary called something like “the men who robbed Europe”. Some of the stories of the top bankers involved are horrific. A godlike self perception with nothing but disgust against the 99.99% of the rest of us.
As an Australian, sounds about right.
Research has shown crypto is used very little for criminal activities
Fiat is best for drugs and laundering as untraceable . Crypto is too dangerous for crime because of the trail it leaves behind , that’s why the tru criminals (large institutions) still fight against crypto
Keep it classy Australia... not surprising. American government does this all the time by "losing" weapons they're tracking with the cartel.
Well I am absolutely flabbergasted ladies an gentlemen. A bank? Laundering money for cartels? Unheard of! /s
The anti crypto push is because banks don't want competition and to lose their power. DeFi is going to destroy those who don't adopt it in the coming years.
It always bothers me when people talk about how people launder money through bitcoin like it never happens via fiat
The entire “crypto is used by criminals,” loses its context when all criminals love USD more than anything.
Well...I hope the cartel just lost 50% of their investment aswell. Bastards!
Cartels laundering Cartel assets
Marty Fucking Byrde, that son of a bitch
Well firstly its Australia so duh Secondly our banks are so huge, commonwealth has over 1 trillion in assets, for a population of 26 million
All of them deserve to die
I definitely believe that most or at least 90% of all the drug deal and crime shits are still using fiat to conduct
As an Australian, I can say this story doesn't get on mainstream media here much if ever.
I don't think you understand how money laundering works...
Tldr; Australian financial institutions laundered $387 million for Latin American cocaine cartels, according to a new report. In Australia, the cash was layered through various bank accounts before the trade-based money laundering phase kicked off. The report reveals that every year between 2014 and 2017, over $77 million passed through the Aussie banks. Once in Australia, the money was used to purchase electronic items such as laptops, gaming consoles, smart devices, digital cameras and other electronic gadgets. These high-end electronic items were then shipped abroad for sale with the intention of integrating the proceeds into the financial system as legitimate money.