How Blockchain Can Help Reduce Money Laundering
- November 21, 2016
- Posted by: David Tabaka
- Category: AML/KYC, Compliance, Exchange, Fraud, News, Risk
Over the years, innovations in finance and technology have collectively increased the pace and ease with which money travels around the globe. While this has facilitated business operations and our day-to-day lives, it has also deepened the reach of dirty money into the system, making the task of tracking money laundering more difficult and costly.
It is estimated that global money laundering transactions are 2-5% of the global GDP, or roughly $1-2 trillion annually while only less than 1% of global illicit financial flows are currently seized by authorities, as per a report from United Nation’s Office on Drug and Crime.
Read the full story here: http://www.nasdaq.com/article/how-blockchain-can-help-reduce-money-laundering-cm712251