CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$47,739.00
  • ethereum
    ETH$1,508.83
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » ‘Bitcoin is Bad’ Narrative Weakens as Aussie Banks Have Reportedly Laundered $385M for Drug Cartels

    ‘Bitcoin is Bad’ Narrative Weakens as Aussie Banks Have Reportedly Laundered $385M for Drug Cartels

    Author: Anthonia Isichei

    Last Updated Jan 24, 2021 @ 12:49

    The narrative that Bitcoin is primarily used by criminals weakens as Aussie banks have reportedly laundered $385M for drug cartels.

    Amid the renewed anti-Bitcoin remarks ascribed to mainstream finance stakeholders, reports have emerged showing banks in Australia working in cahoots with violent South American cocaine cartels. Despite aspersions to the contrary, the crypto market continues to account for an insignificant proportion of global financial crimes.

    Australian Banks Funelling Dirty Money for Drug Cartels

    According to the Australian Financial Review, banks in the country have reportedly laundered about 500 million Australian dollars (approx. $385 million) for South American drug cartels. The revelation is coming amid actions taken by law enforcement agencies in the country to disrupt the elaborate money-laundering scheme.

    Details from the investigation into the matter revealed that Australian banks helped move over 300 million AUD between 2014 and 2017. The banks also reportedly used dirty money from drug cartels to purchase expensive electronic items for onward movement to Southeast Asia and the Middle East.

    Nine financial institutions have been implicated in the matter, according to the Australian Border Force (ABF), with seven others based outside the country. Commenting on the report, an ABF spokeswoman revealed:

    “The ABF is committed to protecting the Australian community by combating and disrupting criminal behaviour that exploits Australia’s cross border trade systems and has effectively disrupted the Australian-based money laundering operations of the entities.”

    The revelation that Aussie banks are helping to launder money for criminal organizations is coming on the heels of reported discriminatory practices by some banks against crypto traders and exchanges. As previously reported by CryptoPotato, a Bitcoin exchange owner recently took legal actions against two banks for closing his accounts.

    Banks Washing Proceeds from Crime

    Back in 2019, leaked documents from the U.S. Financial Crimes Enforcement Network (FinCEN) exposed massive money-laundering deals by banks. At the time, the dossier showed major American banks funneling over $2 trillion in dirty money for various criminal organizations.

    Indeed, U.S. banks continue to pay huge fines for illegal practices ranging from money laundering to spoofing. In 2020, U.S. officials also fined Wells Fargo over $3 billion for multiple illegalities spanning a 15 year period.

    Interestingly, Warren Buffett’s Berkshire Hathaway holds a significant portion of Wells Fargo stocks. It is perhaps ironic that Buffett espouses anti-Bitcoin sentiment related to illegalities when Wells Fargo seems to have facilitated transfers associated with criminal activities.

    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    You Might Also Like:

    • HSBC
      HSBC Blocks Transactions From Crypto Exchanges
    • PuertoRicoBank
      Puerto Rico Digital Bank Greenlighted To Offer Bitcoin Custody
    • MoneyLaundering
      13% Of Bitcoin's Money Laundering Transactions Happened Through Privacy Wallets
    Read more on: Australia Banks Bitcoin Money Laundering

    About The Author

    Anthonia Isichei View more posts by this author

    Anthonia is a fintech writer who has been involved in the crypto space since 2017 covering developments across regulations, adoption, and several other aspects of the Industry. When not neck-deep in the crypto news cycle, Anthonia spends her free time globetrotting and playing video games.

  • bitcoin
    BTC$47,739.00
  • ethereum
    ETH$1,508.83
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    pionexb
    2local
    Bitcoin Editorials
    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!