Netherland Man Arrested For Alleged Laundering Of Money Using Bitcoin

In the Netherlands, a man has been detained on suspicion of using bitcoin for the purpose of money laundering. The prosecution alleges that there were connections to commercial activity on the dark web.

According to a statement released by the Fiscal Information and Investigation Service (FIOD) on Nov. 16, a man in his 42nd year who resides in the municipality of Midden-Groningen was detained and placed under custody.

The statement adds that the criminal investigation of the FIOD started after a signal that the suspect used Bitcoin ATMs (BATMs) several times. These are devices that resemble an ATM but can be used to withdraw cryptocurrencies.

An investigation revealed that the man had been trading large volumes of bitcoin through exchanges for an extended period of time and that he owned a significant amount more bitcoin than he could have purchased with his current income. 

The man’s residence in Veendam, which was searched, resulted in the confiscation of his cash as well as his computer. The inquiry was headed up by the Public Prosecutor’s Office in the Netherlands.

Bitcoin Being Used For Money Laundering?

The worldwide anti-money laundering organization, FATF, concluded its laws for the cryptocurrency industry in the month of October 2021. This guideline were initially published by the FATF in 2019, and it demanded a level of compliance comparable to that observed in traditional finance.

However, money launderers are mostly unaffected by this as, according to a development that occurred in September, a province in China reported 93 individuals suspected of engaging in money laundering across the region. 

It is well-known that China takes a firm stance against cryptocurrencies, and the fact that many people use Bitcoin and others as a means to launder money is one of the driving forces for China’s fierce resistance to the industry.  WazirX, one of the most well-known cryptocurrency trading platforms in India, came under the watchful eye of the Enforcement Directorate (ED), a government market regulatory authority, in the month of August.