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Bitcoin whitens less than one percent of all transactions

A recent report of Bitcoin's joint analysis team of FDD and Ellicit, a Bitcoin company Forensics, indicates that less than 1% of all Bitcoin transactions involve money laundering.

The report, written to help analyze the flow of funds and the danger of money laundering, indicated that money laundering is not the problem that some critics of cryptocurrency believe. The report reads:

"The amount of bitcoin observed [is] the small and darknet markets such as Silk Road and, later, AlphaBay are [generally] the source of almost all Bitcoins illicit laundered through conversion services. "

The report also indicates that the vast majority of illicit transactions using Bitcoin have been processed in Europe, receiving more than five times as many illicit transactions as North America.

Anti-money laundering processes must improve

The report suggests that the best way to combat such illicit activities is through stricter measures against money laundering (LBA). The report states that the only way to handle the illicit transaction is that "financial authorities in all jurisdictions [to] increase the application of the AML."

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