The Financial Crimes Enforcement Network (FinCEN) has released an analysis reporting an alleged increase in the use of cryptocurrency in human trafficking cases.
FinCEN Warns of Crypto Use Linked to Human Trafficking
According to FinCEN, cryptocurrency reports related to these purposes grew from 336 in 2020 to 1,975 in 2021, an increase of nearly 500% A recent financial trends analysis released by the Financial Crimes Enforcement Network (FinCEN) has warned of the growth of allegations use of cryptocurrencies linked to cases of online human trafficking.
According to FinCEN, the number of reports involving these types of crimes and cryptocurrency increased from 336 in 2020 to 1,975 in 2021, an increase of nearly 500%, and the percentage of crimes involving crypto also increased, from 6% of all these reports in 2020 to 29% of all financial reports in 2021.
95% of the reports filed included crypto exchanges for explicit materials or exchanges of the proceeds from the sale of these materials for fiat currency The volume in fiat currency of these crimes reached $278 million in 2021 after recording $133 million in 2020. FinCEN also reported that bitcoin was the primary cryptocurrency referenced in 2,157 of 2,311 suspected human trafficking case reports;
BITCOIN
However, it is possible that other cryptocurrencies are used for this purpose.
FinCEN Director Andrea Gacki commented on the relevance of these reports, which contribute to solving these cases by helping law enforcement protect those in need, saying:
Vigilance and timely reporting from financial institutions is critical to providing law enforcement agencies with the information they need to investigate potential cases of human trafficking, sex crimes against children, and related crimes.
What do you think about FinCEN's report on the alleged link between cryptocurrencies and human trafficking crimes? Let us know in the comments section below.
