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SWIFT Report: Fiat Preferred To Launder Money Yet Use Of Cryptocurrencies Will Rise

Tracy CHEN

Summary: According to a report by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the role of cryptocurrencies in money laundering is overstated and unfounded, with fiat money still the most used method for such illicit purposes. However, SWIFT stated that the use of cryptocurrency for laundering stolen bank funds will rise in the future. Tracy ...

According to a report by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the role of cryptocurrencies in money laundering is overstated and unfounded, with fiat money still the most used method for such illicit purposes. However, SWIFT stated that the use of cryptocurrency for laundering stolen bank funds will rise in the future.

Tracy Chen

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