A report by Kathryn Westmore from the Centre for Finance and Security at the Royal Services Institute reveals a growing trend of Chinese money launderers using cryptocurrencies like Bitcoin and Tether USDT. Despite China's stringent capital controls, these digital assets are facilitating the transfer of illicit funds out of the country. The report highlights the involvement of Chinese laundering groups in Western organized crime, including the fentanyl supply chain, with blockchain data corroborating these activities. Europol has raised concerns about the increasing sophistication of crypto-related crimes.
Chinese Money Launderers Turn to Crypto for Illicit Transfers
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