April 21, 2024

Mexican law enforcement expose cartels through crypto-platforms

Mexican authorities are concerned about the activity of Latin American criminal syndicates in laundering money throughcryptocurrencies.

On December 8, Reuters presented a report in which the head of financial intelligence at the Ministry of Finance of Mexico Santiago Nieto told how the cartels are usedcryptocurrency in its illegal activities.

"This usually happens in different bank accounts with amounts up to $7,500 (this is the maximum amount to which banks do not noteThen small amounts in bitcoins are bought with this money.After that, they can be used anywhere".

According to the law, from 2018 crypto-exchanges and exchanges must report payments of more than $2,800.This is how the authorities want to better respond to the calculations of those involved in illegal activities.

Thanks to the introduction of the law, law enforcement officers were able to arrest Hector Ortiz, the leader of the cyberBandidos Revolution Team hackers when he purchased Bitcoin for significant sums.His whereabouts were able to be calculated through cellular communication.

Rolando Rosas, head of the Cyber ​​Investigations Division of the Attorney General's Office, told Reuters about the acute shortage of people:

"120 employees can't cope with the number of signals from the script sites.the required number of specialists."

The U.S. NSA report noted a significant decrease in the amount of seized funds in fiat currency fromFrom 2011 to 2019, the amount decreased from 741 million.it is estimated that this significant decline is due to the use of cryptocurrenciesto launder money.