Cryptocurrencies in sight: Records in the case of suspected money laundering reports!

Cryptocurrencies in sight: Records in the case of suspected money laundering reports!

Köln, Deutschland - The increasing relevance of digital currencies such as Bitcoin and Ethereum is becoming increasingly clear, especially at the efforts of the anti-money laundering authority FIU. This found that in 2022 around 8,700 suspicion reports on crypto values ​​were received by her, which accounts for a share of 3.3 percent of the total suspicion - a new maximum value. Daniel Thelesklaf, the head of the FIU, emphasizes that digital transactions are often the starting point of complex investigations that are aimed at internationally acting criminal networks. A current example shows how funds from investors have been moved across borders via digital payment routes and fake identities.

The Fiu, based in Cologne, takes care of the abnormalities in the financial sector and is subject to customs. In 2022, a total of 266,000 suspicion reports were registered, while the analysis reports that were transmitted to investigative and security authorities climbed to around 88,000- an increase of eight percent compared to 2023.

Development of reports and challenges

In recent years, the FIU has experienced an increase in reports in connection with cryptocurrencies. In 2024, a record number of 8,711 suspicious cases was reached, which corresponds to an increase of 8.2 percent compared to the previous year. Despite these increasing numbers, the proportion of money laundering with cryptocurrencies continues to make up a small part of the overall suspected reports. Overall, the number of suspected reports sent to the FIU decreased from 337,708 cases in 2022 to 265,708 in 2024.

Thelesklaf explains that criminals are increasingly using digital transactions to carry out international money laundering. This development brings with it a high need for information for other authorities, especially for the state criminal offices and public prosecutors. The aim of the FIU is to intensify the fight against money laundering and terrorist financing through international networking and cooperation.

criticism and necessary measures

The FIU had also been criticized for its role in the Wirecard scandal, since indications of money laundering were not consistently forwarded. In 2023, this led to an investigation into a FIU employee on suspicion of punishment.

In order to create clarity for suspected reports, the FIU and Bafin 2024 have published an orientation aid for reportable professional groups. This initiative is intended to help improve the cooperation between the investigative authorities and the institutions and ultimately to promote the detection of fraud and money laundering networks.

Overall, it can be seen that the growing relevance of digital currencies and the increasing internationalization of money laundering activities presents the FIU before immense challenges. Your measures and strategies are crucial to combat crime in digital space and improve the security situation.

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