The key takeaway for numerous crypto entrepreneurs and investors on X was no mention of Bitcoin, crypto or stablecoins in the Nasdaq report on financial crimes.
Stock exchange company Nasdaq has released its “Global Financial Crime Report,” highlighting data related to financial crime over the past year. Bitcoin (BTC) and crypto were not mentioned, bolstering the belief for many that cash (fiat currency) is king when it comes to facilitating crimes.
The report highlighted that financial crime continues to be a “multi-trillion-dollar problem.” Nasdaq estimated that in 2023, around $3.1 trillion in illicit funds flowed through the global financial system. Through money laundering, the funds fueled crimes like human and drug trafficking and terrorist financing.
Within the trillions of dollars of illicit funds, Nasdaq found that $782.9 billion was involved in drug trafficking activities, while $346.7 billion was linked to human trafficking. Furthermore, the report highlighted that around $11.5 billion was used for terrorist financing. Apart from these, $485.6 billion was lost to fraud scams and bank fraud schemes in 2023.
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Source: https://cointelegraph.com/news/nasdaq-report-financial-crime-3-trillion-illicit-funds-2023