Cryptocurrencies Fueling Trade-Based Money Laundering: Insights from Michael Firing of CITE

Rebeca Moen  May 17, 2024 12:33  UTC 04:33

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In episode 110 of the Public Key podcast, Michael Firing, Assistant Director at the Center for Intelligence, Targeting, and Enforcement (CITE), discussed how cryptocurrencies are being used in trade-based money laundering (TBML) activities. Within this, he highlighted the challenges of the increasing use of cryptocurrency in criminal activities and the importance of collaboration between public and private sectors in addressing these challenges.

Public Key Episode 110: Cryptocurrencies Fueling the Fentanyl Epidemic and Human Trafficking

During the episode, Michael Firing discussed the role of CITE in combating various threats, including terrorism, transnational organized crime, and illicit trade. He also discussed the challenges posed by the increasing use of cryptocurrency in criminal activities such as drug trafficking and human trafficking.

The Role of Cryptocurrencies in Trade-Based Money Laundering

Trade-Based Money Laundering (TBML) has evolved from suitcases to thumb drives, with the utilization of cryptocurrencies being a significant factor in this transition. Cryptocurrencies have become an increasingly popular method of laundering money due to their perceived anonymity and ease of transfer across borders.

Collaboration is Key

According to Firing, tackling the challenges posed by the use of cryptocurrencies in TBML requires a coordinated multi-agency approach. This approach should involve both public and private sectors, as well as international collaboration, due to the global nature of cryptocurrency transactions.

Future Outlook

As cryptocurrencies continue to play a growing role in TBML, it is clear that further efforts are needed to combat this issue. By leveraging cryptocurrency analysis and fostering collaboration between various sectors, it is hoped that these challenges can be effectively addressed.

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