22 October 2017
visit www.avoka.com

Cash remains king for money laundering

08 July 2015  |  8152 views  |  0 cash

Cash may be losing its lustre for the general public but it is still king for crooks looking to launder their ill-gotten gains, according to Europol.

Cybercrime is on the rise and bitcoin is in the news, but money laundering methods spotted by authorities remains "overwhelmingly traditional", Europol's report suggests.

In the EU, the use of cash is the main reason triggering suspicious transaction reports within the financial system, accounting for more than 30% of all reports. Meanwhile, Europol notes that despite cash use falling in the EU as people turn to electronic alternatives, the demand for EUR500 notes remains suspiciously high.

Crooks often still launder their profits through old-fashioned physical cash smuggling, with conservative estimates showing EUR1.5 billion in notes detected and/or seized by EU member state authorities each year.

Europol director Rob Wainwright says that the use of cash is a major barrier to criminal investigations and prosecutions, with crooked taking advantage of a fragmented regulatory approach across EU states.

"Stepping up efforts to increase international cooperation and information exchange, and establishing a more harmonised approach among EU Member States concerning cash movements within the EU, are crucial if we are to tackle these criminal activities," says Wainwright.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Cash overtaken by non-cash payments in the UK

Cash overtaken by non-cash payments in the UK

21 May 2015  |  18073 views  |  6 comments | 53 tweets | 33 linkedin
Cash still dominates charitable giving

Cash still dominates charitable giving

23 March 2015  |  5858 views  |  0 comments | 13 tweets | 5 linkedin
UK govt plans money laundering rules for digital currency exchanges

UK govt plans money laundering rules for digital currency exchanges

18 March 2015  |  8866 views  |  0 comments | 16 tweets | 14 linkedin
New York state watchdog sets sights on bank money laundering systems

New York state watchdog sets sights on bank money laundering systems

25 February 2015  |  6943 views  |  0 comments | 10 tweets | 7 linkedin
Money laundering shooting up agenda but banks raise concerns over systems

Money laundering shooting up agenda but banks raise concerns over systems

29 January 2014  |  8923 views  |  0 comments | 15 tweets | 17 linkedin
Moneygram pays $100m to settle wire fraud charges

Moneygram pays $100m to settle wire fraud charges

20 November 2012  |  6255 views  |  0 comments | 12 tweets | 3 linkedin
UK govt looks to soften AML penalties for businesses

UK govt looks to soften AML penalties for businesses

09 June 2011  |  6164 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.atos.netvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
13550 views comments | 17 tweets | 28 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
12474 views comments | 22 tweets | 28 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9609 views comments | 13 tweets | 10 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
9275 views comments | 12 tweets | 23 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8622 views comments | 9 tweets | 18 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job