IntSights, a cyber-intelligence company has compiled a report involving Latin America with illegal financial activities naming LATAM at the top of the list of the world’s worst money laundering nation. The report specifically outlined many sophisticated organized crime groups acting within the region by turning to cryptocurrency to launder large amounts of money and dive into the dark web to find hackers to hire. Meanwhile, enterprise security team has been accused of neglecting the issue and this has subsequently led to incessant increase in illicit financial transactions in LATAM. Interestingly enough, a former Microsoft employee was recently found guilty for stealing over $10 million and laundering it with such mixers.
The report referred to peer-to-peer exchanges as the preferred way of buying or selling digital assets as there is obvious interest towards Bitcoin and some alternative coins in the region. Throughout 2019 and on into 2020, the well-known P2P platform LocalBitcoins experienced record growth in transaction volume across many Latin American countries.” Cryptopotato reported towards the end of 2019 the record-breaking Bitcoin trading volume in Argentina and Venezuela. Both countries are continuously recording high volumes, and Chile is not far behind.