The Justice Department prosecutor Andreesen Horowitz was working on the famous Silk Road case. According to a recent interview, she believes that currently, the fiat-dominated system is completely unable to stop the biggest problem its defenders point fingers to cryptocurrency for.
Horowitz says that at the moment, 99.9% of all money laundering goes unprosecuted. Considering that Horowirtz’s career included the tracking and take down of one of the biggest cases of money laundering involving crypto. This is why her take about the current money laundering problems of the fiat system should be noted.
Anti-money laundering is completely useless in the current fiat system
She stressed out that defenders of the currently existing fiat system are making complete fools of themselves and that at the present, there isn’t a single approach to dealing with the money laundering problem that’s even remotely viable:
“If I have to be honest, our system is doing a terrible job of it. The reality of the situation is that 99.9% of all money laundering goes unprosecuted. I already gave my testimony before the US Senate about the issue and those statistics were cited by none other, than the ex-Treasury official and current Senator, Chuck Grasley. After hearing about this I thought there’s simply no way that would be true, but after a lot of research, I too have reached the same conclusion.”
She also noted that the $20 billion yearly budged that goes for anti-money laundering (AML) and know-your-customer checks (KYC) seems to vanish in thin air.
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The post Anti-Money Laundering Doesn’t Work According to Silk Road Prosecutor appeared first on CoinStaker | Bitcoin News.
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