What is the most common form of money laundering?

smurfing The most common form of money laundering is known as smurfing (or structuring). This method involves breaking up large amounts of cash into many smaller deposits. Further, money launderers will also spread these deposits over many different accounts to avoid detection.

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Research Summary. If Breaking Bad taught us anything, it’s that money laundering is serious business. Despite being highly illegal in the United States, money laundering remains a huge issue. In fact, there is tons of money laundering occurring in the U.S. and across the globe. According to our extensive research:

Approximately $300 billion is laundered through the United States each year.

Worldwide, criminals launder between $800 million and $2 trillion each year.

In 2020 alone, global banks were hit with $10.4 billion in fines for money-laundering violations. Capital One was the largest American bank fined, ordered to pay out $390 million for failing to report countless transactions.

Money laundering schemes cost 2%-5% of the world’s total GDP.

For further analysis, we broke down the data in the following ways:

Currency | Over Time | Issues and Causes

General Money Laundering Statistics

Money laundering is a costly crime for countless people and governments. But, just how much does it cost, and where is it most costly? Here are some insights our research uncovered:

Crypto vs. Fiat Currency Money Laundering Statistics

With the rise of digital currency, today’s money laundering isn’t limited to USD or other fiat currencies. However, money laundering through cryptocurrency is surprisingly difficult. Here are the facts: Despite a rise in cybercrimes in 2020, criminal activity that used cryptocurrency fell by over half between 2019-2020. In 2019 the proportion of cybercrimes that made use of cryptocurrency was 2.1%. However, despite the pandemic, this number fell to only 0.34% in 2020. Over 99% of cryptocurrency transactions run through AML regulated exchanges. This covers anything from Bitcoin (BTC), Ethereum (ETH), Stellar (XLM), Binance Coin (BNB), and more. Bitcoin money laundering only makes up 0.9% of money laundering in the U.S. and only 0.3% globally. The amount of Bitcoin that was criminally exchanged in 2019 was $2.8 billion. While this might seem like a lot, it pales in comparison to the potentially trillions of dollars laundered annually around the globe. As of 2021, the IRS has seized $1.2 billion worth of cryptocurrency. The amount of cryptocurrency seized from cybercrimes has grown exponentially over the past three years. From 2019-2020, the amount seized increased from $700,000 to $137 million, while from 2020-2021, that number increased yet again from $137 million to $1.2 billion.

Money Laundering Over Time Statistics

It’s clear that the numbers associated with money laundering aren’t going to decrease any time soon. In fact, money laundering has only seemed to increase since the start of the pandemic. Here are the facts: Despite a decrease in pre-pandemic offenses, 2020 saw money laundering fines five times larger than 2019. From 2018 to 2019, money laundering crimes actually decreased by 13%. There were only 990 cases. However, in the past two years, there’s been a dramatic increase in total fines.

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The anti-money laundering software market is expected to experience a CAGR of 14% between 2021-2025. While the anti-money laundering software market had a value of $879 million in 2017, that number has grown in the last couple of years. By 2025, the market is expected to reach a value of $2.09 billion. Financial crime compliance costs have risen by 95% since 2019. Rather shockingly, financial crime compliance costs for institutions with at least $10 billion in assets are projected to reach $27.8 million in 2021. That number is 36% higher than the annual average in 2020 and 95% higher than the annual average in 2019.

Money Laundering Issues and Causes

It’s clear that money laundering is a major issue in the U.S. and globally. But why is this the case? The truth is that in a global market, it can be extremely difficult to detect and catch those who commit crimes. Here’s what we found: 41% of financial institutions are inadequate or severely inadequate to meet AML and sanctions compliance. And this isn’t incredibly surprising, given the increasing costs. 67% of respondents reported that their spending on AML and sanctions compliance has increased in the past 12 months. Anti-money laundering attempts only recover only 0.1% of criminal funds. While there are fines issued in money laundering crimes, the original money laundered is rarely ever recovered. With that in mind, most of those who launder money are free to find ways to use their stolen money.

Money Laundering Statistics FAQ

What is money laundering? Money laundering is the process of allocating large amounts of money made through criminal activity into areas that appear to come from legal revenue. For example, someone who makes several thousand dollars selling drugs could make it appear as though that money came from their legitimate restaurant business. How much money is laundered each year? In the U.S., roughly $300 billion is laundered each year. However, that number increases to between $800 billion and $2 trillion worldwide. How much money is lost to money laundering? Between 2% and 5% of the world’s total GDP is lost to money laundering each year. What is the money laundering capital of the world? While London has consistently been one of the worst international cities for money laundering, as of 2019, British Columbia has become the money laundering capital. In 2019 alone, an estimated $5 billion in dirty international money was laundered here. How many people are affected by money laundering? While the number of people affected by money laundering is hard to know, there are nearly 1,000 cases reported in the U.S. each year. As far as the amount of money lost, the numbers are much higher. Despite only 990 cases in 2019, roughly $300 billion is laundered through the United States each year. That’s 15%-38% of the money laundered globally, wrapped up in a small number of cases. Overall, it’s hard to determine how many people are indirectly affected by these crimes, as the amount of money being lost is staggering. What is the most common form of money laundering? The most common form of money laundering is known as smurfing (or structuring). This method involves breaking up large amounts of cash into many smaller deposits. Further, money launderers will also spread these deposits over many different accounts to avoid detection. Other common forms of money laundering include buying and selling commodities, investing in unrelated assets (real estate, businesses, etc.), gambling, and counterfeiting.

Conclusion

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Resulting in the loss of $300 billion in the U.S. and up to $2 trillion worldwide, money laundering is a global issue that continues to go unchecked. In fact, 90% of all money laundering crimes fly completely under the radar. While digital currencies like Bitcoin stand to change the ball game, the fact is that a majority of money laundering crimes still occur using fiat currencies. Cybercrime in this realm makes up less than 1% of the world’s estimated average. Clearly, the U.S. needs to address this issue more thoroughly, seeing as 15%-38% of the money laundered globally comes from this country. While AML and sanctions compliance makes money laundering more difficult, the fact is that 41% of financial institutions are unable to meet increasing cost expectations. In the end, this could do more harm than good.

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