Spanish Police: Bitcoin ATMs Highlight Flaws in EU Money Laundering Rules
Following a investigation into a gang’s recently-busted money laundering operation, the nation’s police force claim to have exposed gaps in the Union’s regulations designed to prevent money laundering. The group reportedly exploited the lack of rules regarding Bitcoin trading terminals, popularly referred to as
Authorities believe the criminal group used the machines to “clean” more than $10 million. Eight suspects have now been arrested from Spain and South America.
Bitcoin ATM Money Laundering Gang Invites Scrutiny into EU AML Regulations
According to a report in , La Guardia de Civil, a division of the Spanish police force, claim the EU’s money-laundering regulations are not adequate. They argue that since the rules aimed at preventing money service providers from trading with non-verified clients don’t apply to operators of Bitcoin ATMs, the machines provide an easy way for criminals to launder money.
The claims come in the aftermath of a bust involving Spanish nationals and South American drug dealers. Authorities first announced that they had taken down a money laundering scheme involving Bitcoin ATMs in May of this year.