Tech
Technology has changed money laundering
JUNE 2 Bill Guan, Chief Financial Officer of Old timesa right-wing newspaper, has been arrested. New York prosecutors have charged him with laundering $67 million, allegedly by purchasing prepaid debit cards using cryptocurrency. (Mr. Guan has pleaded not guilty.) Chainalysis, a blockchain analytics firm, estimates that $22.2 billion in illicit funds were laundered globally using cryptocurrency in 2023. Despite Western sanctions, Iran, North Korea and Hamas, a terrorist group, all launder funds with cryptocurrency.
As journalist Geoff White explains in a compelling new book, money laundering may seem bloodless and bizarre, but it will become increasingly relevant and widespread. That’s because technology is making the crime easier, and much harder, to detect.