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A Chinese 100 yuan banknote is placed under a $100 banknote in this photo illustration taken in Beijing in this November 7, 2010 file photo. For players in China's tightly corseted currency market, the authorities' loosening of the strings in March 2012 to allow wider yuan moves has boosted both opportunities for short-term profit, as volatility rises, and long-term risks, with yuan appreciation no longer a certainty. To match Analysis CHINA-YUAN.Credit: REUTERS

White paper explores the rise of digital currency in money laundering

PRESS RELEASE | 19 June 2013

New technology helps law enforcement and financial institutions combat money laundering.

EAGAN, Minn. – The recent bust of a $6 billion Costa Rica-based money laundering operation by the United States government represents a sea change in the fight against money laundering – now made even more complicated with the rising use of digital currency to clean money obtained through illegal activities.

A new white paper by the Fraud Prevention and Investigation unit of Thomson Reuters, Technology in the Fight Against Money Laundering in the New Digital Currency Age, offers insights on how criminal and terrorist organizations have turned to digital currency to reap profits from drug trafficking, prostitution and more, and the challenge of detecting, investigating and apprehending these criminals.

The free, 30-page white paper, which includes perspectives from an executive-level compliance officer at a regional bank, an enforcement analyst from the National White Collar Crime Center and a strategic analyst from Thomson Reuters, is available to download at http://bit.ly/11yggGW.

“Money laundering has been around for decades,” said Andy Russell, vice president, Fraud Prevention and Investigations, Thomson Reuters. “What’s new is the growing role of digital currencies that allow criminal elements to move funds anonymously. This white paper highlights how digital currency is transforming the fight on money laundering and how companies and law enforcement are stepping up to the plate with sophisticated technology to identify patterns of money laundering.”

Among the technologies law enforcement agencies turn to is CLEAR®, a powerful, next generation investigative suite for researching people and companies suspected of criminal activity.

The CLEAR investigative suite, in combination with other sophisticated law enforcement technology, can help law enforcement, government agencies, financial institutions and corporate security organizations identify and connect people and organizations intent on participating in criminal activity such as money laundering; recover stolen funds, goods or identities; and increase public safety.

In tandem with the white paper’s release, Thomson Reuters is participating in events this month that focus on the rise of digital currency and illegal activity. On June 13, Thomson Reuters offered an early look at the white paper to attendees of the company’s “The Virtual Economy: Potential, Perplexities and Promises” conference in Washington D.C. In addition, contributors to the white paper will participate in a roundtable discussion of these topics during the 24th Annual ACFE Global Fraud Conference, hosted by the Association of Certified Fraud Examiners, June 23-28 in Las Vegas.

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Corporate Governance

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