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Internet bank Liberty Reserve is being charged with laundering $6 billion in suspected crime proceeds, including the illegal profits from credit card fraud, identity theft, investment fraud, computer hacking, child pornography and narcotics trafficking.
Prosecutors say it "may be the largest international money laundering case ever brought by the United States."
- Arthur Budovsky, founder of Liberty Reserve, arrested in Spain on Friday
- Six others have also been charged in $6 billion money transfer scheme
- Liberty Reserve allowed users to convert money to online currency
- Transactions 'hid the proceeds of crimes including credit card fraud, child pornography, identity theft and drugs trafficking'
- U.S. Attorney: 'It was the bank of choice for the criminal underworld'
One thing the American government has not done is to prosecute the largest banks in the world for supporting the drug cartels by washing billions of dollars of their blood stained money. As Narco sphere journalist Bill Conroy has observed banks are ”where the money is” in the global drug war.
HSBC, Western Union, Bank of America, JP Morgan Chase&Co, Citigroup, Wachovia amongst many others have allegedly failed to comply with American anti-money laundering (AML) laws.
This was due to Wachovias heavy involvement in money laundering moving up to $378.4 billion over several years.
Not one banker was prosecuted for illegal involvement in the drugs trade.
Pretty much ANY server-based ecurrency, no matter where it's homebased from, is beyond touch. This I'm sure will cause more people to jump onto the Bitcoin bandwagon