Cryptocurrencies like Bitcoin can be “easily tracked,” said Michal Gromek, Co-Chair of the Digital Asset Task Force, a committee at the Global Coalition to Fight Financial Crime.
Would-be criminals cannot easily escape law enforcement.
“Conducting transactions on the blockchain and feeling that you will run away and be unpunished is not true,” he said. “Most suspects can be easily tracked.”
Gromek said that coin exchanges are usually subject to KYC (Know-Your-Customer) and anti-money laundering regulations. This makes it easier to trace criminals.
“On a global level, there is a financial action task force… to ensure that cryptocurrency brokers are subject to [legislation],” he explained. “When you send money to another wallet, and then to a sanctioned entity, this is still visible on the blockchain… and that can still be reported.”
Gromek spoke with David Lin, Anchor and Producer at Kitco News, at the Future Blockchain Summit in Dubai.
Financial Crimes
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