Is the Italian mafia using Bitcoin casinos for money laundering?


Posted on the 28th of February 2017

Is the Italian mafia using Bitcoin casinos for money laundering?

According to Italian Democratic Party member, Lucrezia Ricchiuti, the Italian mafia is using Bitcoin to launder money obtained through the drug trade, prostitution, gambling and other illegal activities. Furthermore, thanks to Bitcoin, it is now possible for just about anyone to set up an offshore online (Bitcoin) casino and operate it in almost complete anonymity, with no Governmental controls. “This means we need more and more effort to refine strategies to avoid the situation when the virtual currencies could hide Italian mafia members and help their money laundering,” said Ricchiuti. Established in 2008, Bitcoin is currently the number one crypto-currency with close to 100 million users worldwide carrying out more than 200,000 transactions per day.

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