A detailed report on money laundering in the United States highlights that cash remains king for criminals looking to launder illicit funds.
Cash, not cryptocurrencies, remains the go-to money laundering method for criminals and organizations, according to a detailed risk assessment report from the United States Treasury Department.
Three separate reports delving into money laundering, terrorist financing and proliferation financing unpack the current landscape in which criminal organizations acquire, launder and move funds locally and abroad.
A primary takeaway is that criminals and transnational criminal organizations continue to use cash. The Treasury highlights the anonymity, stability and ubiquity of cash as a means of payment as a primary reason why it remains the preferred method of laundering illicit proceeds.
