in Estonia, Danske Bank has been ordered to close up after following another money laundering scandal. It is not the first time a major bank has been involved in money laundering and it will not be the last.

Estonia just ordered the Danske Bank branch to close that was involved in one of the largest money laundering schemes in history. The majority of criminals aren’t using Bitcoin to launder money, they’re using US dollars. Long Bitcoin, Short the Bankers! — Pomp 🌪 (@APompliano) February 19, 2019

According to estimates from the United Nations Office on Drugs and Crime –“Both money laundering & the prevention of it are big business. Around 2-5 percent of worldwide GDP ($2 trillion) is laundered globally every year”

One of the most commonly spouted reasons that crypto is bad is that criminals use it for money laundering. But the bottom line is the US dollar is still the currency of choice for washing money, and banks are the vehicle. As more bank scams get unraveled it gives them less legitimacy and more to crypto, the decentralized way to conduct finance.

There are a number of ways that criminals are engage in financial crime.

They use technology to control funnel & mule accounts, depositing money in one country and withdrawing it moments later in another.

In comparison to its estimated that between 2% and 5% of global GDP – or $800 billion to $2 trillion – in U.S. dollars is laundered annually.

Crypto currency are harder to launder at scale, but its prevalence is significantly lower than fiat currency. Just don’t expect your government to tell you that.

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