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Indian Law Enforcement Agency Pursues Cryptocurrency Money Laundering Cases

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Indian Law Enforcement Agency Pursues Cryptocurrency Money Laundering Cases

It is reported that the Indian Law Enforcement Agency is investigating several cases of cryptocurrency money laundering, and has so far confiscated US $115 million of cryptocurrency in such crimes. Last week, the Ministry of Finance of India said in a notice that the anti-money laundering legislation has been applied to cryptocurrency transactions, custody and related financial services, and companies operating in the encryption field will need to implement customer verification procedures.

The Indian Law Enforcement Bureau has seized more than US $115 million of cryptocurrency in money laundering cases

Analysis based on this information:


The Indian Law Enforcement Agency has been actively investigating cases of cryptocurrency money laundering and has seized over $115 million worth of cryptocurrency involved in such crimes. This comes as a notice from the Ministry of Finance of India last week that states the application of anti-money laundering legislation to cryptocurrency transactions, custody, and related financial services. Additionally, companies operating in the encryption field are required to implement customer verification procedures.

The move towards regulating and investigating cryptocurrency transactions in India began in 2018 when the Reserve Bank of India prohibited banks and financial institutions from dealing with virtual currencies. This essentially banned cryptocurrency trading in India, but in March 2020, the Supreme Court lifted this ban stating that it was unconstitutional. However, the government still seems to have concerns about the use of cryptocurrency in illegal activities such as money laundering.

The investigation into cryptocurrency money laundering comes in wake of the recent global surge in the market of cryptocurrencies, which has attracted not only investors but also criminals. The anonymity of transactions in cryptocurrency led to its popularity among money launderers, who use it to launder their illicit funds.

The application of anti-money laundering legislation to cryptocurrency transactions is a significant step towards regulating the crypto market in India. Companies operating in the field will need to introduce customer verification procedures to ensure the identities of their clients. This will aid in tracking the source of funds and prevent its misuse.

India is not the only country to enforce stricter regulations on cryptocurrency transactions. Globally, countries are implementing measures to regulate and track transactions involving virtual currencies. Many countries are also proposing to introduce their own digital currencies that will be regulated by their respective governments.

In conclusion, India is taking significant steps towards regulating the use of cryptocurrency within its borders. The enforcement of anti-money laundering legislation and the implementation of customer verification procedures will decrease the risk of cryptocurrency being utilized for illegal activities. The investigation into cryptocurrency money laundering cases indicates the government’s commitment to combat financial crimes in the country.

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