A recent report from ivezz.com highlights that despite the increasing focus on cryptocurrency as a tool for illicit financial activities, its actual contribution to global money laundering is minimal. Estimates suggest that only 0.47% of the $5 trillion laundered globally involves Bitcoin and crypto. Chainalysis reports show that in 2022, only $23.8 billion in crypto was laundered, representing a small fraction of the total estimated global money laundering. While crypto-related laundering activities have increased, they remain significantly lower compared to traditional financial systems. The report emphasizes that traditional banking and payment systems continue to dominate money laundering activities, with countries like the US, UK, Germany, Russia, and China seeing substantial amounts laundered annually. The analysis underscores the need for robust anti-money laundering strategies that address both traditional and emerging financial systems. Read more AI-generated news on: https://app.chaingpt.org/news