The development of cryptocurrencies that use cryptographic technology is the latest innovation in the financial sector. The existence of cryptocurrency provides various conveniences for its users in making transactions. By using blockchain technology and a peer-to-peer system, it allows its users to transact anonymously. The advantages possessed by cryptocurrency, in line with its development, make criminals use it to create new methods of money laundering.
The Chinese police have arrested a group of people who are known to have laundered money through crypto. The Public Security Bureau of Tongliao City, Inner Mongolia said 63 people had been arrested.
Quoting from CNBC, Tuesday (12/13/2022) The value of money laundering in this case reached 12 billion Chinese yuan or US$ 1.7 billion, equivalent to Rp. 23.6 trillion (exchange rate of Rp. 15,670). Police say this group of people have been laundering money since May 2021. As much as 30 million Chinese yuan belonging to the group has been confiscated. Their actions are known to use various schemes, ranging from pyramid schemes, fraud, and gambling, and turn them into cryptocurrency or stablecoin pegged one to one to the US dollar.
The Indonesian Financial Transaction Analysis Reporting Center revealed that it is difficult to trace the sources and destinations of money laundering flows using crypto assets, due to their pseudo-anonymity nature. Even though it is difficult to trace, PPATK continues to carry out its function to prevent crypto laundering from becoming more widespread.
PPATK sends the results of the analysis with allegations of money laundering related to predicate crimes to law enforcement officials. PPATK also forwarded the results of the analysis and requested information from other FIUs abroad regarding the crime of money laundering.
In Indonesia, the suspect in the alleged corruption case in the management of investment and financial funds, PT Asabri (Persero), is suspected of committing money laundering through bitcoin transactions. In the Asabri case, Attorney General investigators have summoned a number of parties related to bitcoin transactions in Indonesia, one of which is the Director of PT Indodax Nasional Indonesia with the initials OAD. In cases of criminal acts of corruption, the mode of money laundering through bitcoin transactions has begun to be carried out in line with technological developments that make it easier for criminals to disguise assets.
To strengthen its commitment to combating money laundering, Indonesia has registered to become a full member of the Financial Action Task Force on Money Laundering and Terrorism Financing (FATF). FATF is a forum that discusses international policies to combat money laundering and terrorism financing. This forum involves 37 countries, Indonesia is the only G20 member country that has not joined the FATF. Indonesia gets a fast track path to become a member of the Financial Action Task Force on Money Laundering and Terrorism Financing (FATF). As a condition, Indonesia must make an action plan in a short time. If the action plan compiled is successful in obtaining a satisfactory score, Indonesia can take part in the FATF meeting which will be held in June 2023. Thus a glimpse of the trend that is happening. May everything develop well under the supervision of all the competent authorities, so that the crypto world can develop and crime through crypto can be reduced.