Following the discovery of $2.5 billion in Bitcoin in her hands, a hotel worker was reportedly convicted guilty of money laundering in a specialised court for significant fraud cases in the United Kingdom.According to a recent BBC article, Jian Wen was found guilty of money laundering by using Bitcoin to buy “multi-million pound houses and jewellery.”The inquiry included a review of 48 electronic devices and hundreds of digital files, many of which were translated from Mandarin.
Wen’s change in lifestyle caught the notice of the authorities.In 2017, she reportedly moved from a flat above a Chinese restaurant to a six-bedroom property in North London that costs over $21,420 per month.On Jan. 31, Cointelegraph revealed that the attempted purchase of a $30 million property in London served as the ultimate red flag for authorities to probe her.
During the same year, she reportedly sought to buy a number of costly residences in London but was unable to pass money-laundering checks, despite her claims of earning millions from Bitcoin mining.According to UK authorities, the confiscation was the “largest of its kind in the UK.”Wen was convicted of “entering into or becoming concerned in a money laundering arrangement” and will be punished on May 10.CPS head crown prosecutor Andrew Penhale emphasized digital assets’ prominent involvement in criminal behavior in recent years.
“Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct.”
However, a recent analysis from the US Treasury Department contradicts the prevalent allegation by authorities that cryptocurrency is a popular choice for money laundering, stating that cash remains the favored option.On February 8, Cointelegraph reported that the Treasury cited the anonymity and stability of cash as a significant reason why it is still the favored method of laundering illicit gains.
Similarly, Nasdaq just released its “Global Financial Crime Report,” which presents data on financial crime over the previous year but makes no mention of Bitcoin or cryptocurrency.However, it estimates that over $3.1 trillion in illicit funds flowed through the global banking system by 2023.