Latam Cartels Leverage Crypto Mining for Money Laundering
- Latam cartels are operating crypto mining farms to legitimize illicit funds and evade law enforcement.
- Criminal groups have built fintech networks, laundering over $50 billion in cryptocurrency with international rings.
- Operation Hidden Flow dismantled a network of six fintech companies that laundered over $5 billion for the Primeiro Comando da Capital (PCC).
- The Trump Administration designated the PCC as a Foreign Terrorist Organization (FTO) and a Specially Designated Global Terrorist (SDGT) in June.
- Golden Cat Processamento de Pagamento Ltda., managed by Chinese nationals in Brazil, processed over $50 billion before being dismantled.
Cryptocurrency adoption in Latam has provided criminal organizations with new tools to obscure illicit earnings through mining and fintech networks. This has led to increased calls for tighter oversight and faster asset freezes to combat rising terror links associated with these activities.
Source: Bitcoin News
