Bitcoin use on rise to launder drug money, report says

‘The use of bitcoin to launder money is increasing, in particular among drug gangs such as the Jalisco New Generation Cartel and the Sinaloa Cartel,’ the report said. — Bloomberg

MEXICO CITY: Drug cartels in Mexico and Colombia are increasingly using cryptocurrencies such as bitcoin to launder money, the UN-linked International Narcotics Control Board (INCB) said on March 10.

Mexican cartels are estimated to launder US$25bil (RM104.82bil) a year in Mexico alone, the board’s annual report said, describing them “as among the richest and most powerful organised criminal groups” in the world.