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- Dutch Police have seized 2,500 Bitcoin, which is about 3.5 billion Yen involved in money laundering
- Two men and women have been arrested and seized by the police for washing $20 million in funds in the past two years in Bitcoin
- Many countries, including the UK, Switzerland, and the US, also tightened themselves to break such money laundering issues related to cryptocurrencies
The Dutch police have arrested ten people of the Netherlands against money laundering charges through sales and acceptance of the money via virtual currency. Nearly fifteen places were raided on Tuesday which includes eight Dutch towns by the investigation department. Bank accounts and Bitcoin accounts were also sealed from the United States, Australia, Lithuania, and Morocco, said the Dutch prosecution services.
The news was generated by the bank’s alarms, who say they have noticed the deposition of large amounts of money in their bank before the withdrawal. The amount of money involved in such a transaction has not been revealed yet. The country’s criminals are trading their firearms and drugs and selected virtual currencies as the means of payment. The Dutch Prosecution service also informed that the trading of Bitcoin is not regulated or monitored by the financial authorities and so has attracted many criminals to launder the funds.
Complex chains of computers and algorithms surely generate Bitcoins, and they are not backed by any Central Bank or the Government like the traditional fiat currencies. By this incident, the reputation of Bitcoin has also been damaged.
Dutch Police Stance
The police say that the two of the victims did not perform the KYC for their transactions. They even did not follow the AML (money laundering measures) for their customers despite many money transactions. Bitcoin was not only the seized product, the police have also seized $300,000 amount of cash, several smartphones, jewellery, and hard drives. They also captured a company run by two criminals and fined them a total of $100,000.
Many of us think that money laundering through Bitcoin is the best idea as they are not backed up with centralized authority, and the transaction cannot be tracked. The biggest exchanges of Bitcoin MtGox(Tokyo) were also closed for such reasons after they admitted that 850.000 coins had disappeared from their digital vaults.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
