• December 2, 2020

Dutch couple charged by court with money laundering in the dark web

The Rotterdam District Court in the Netherlands convicted a few money laundering on dark web platforms. The court was able to grab 2,532 bitcoins (roughly $29 million) in the couple, who had been in Hilversum city.

The guy and his wife were sentenced to two decades and two and a half years in prison, respectively, for money laundering. Both suspects were given individual fines of €45,000 ($53,137) and forced to forfeit €138,000 ($162,955) and $40,000.

The Dutch Public Prosecution Service successfully prosecuted the few on the grounds that they had laundered more than €16 million ($18.9 million) in 2 and a half years when they established the source of a great deal of bitcoin in their ownership came from unethical transactions on the dark web.

“The Hilversum traders purchased bitcoins for millions of euros in cash from private individuals and businesses. The bitcoin trade wasn’t known to the tax authorities”, the court said.

The court statement lays out how two different amounts of 1,488 BTC and 1,044 BTC were seized from the defendant and €250,000 ($295,256) in money. The court added that the couple had bought bitcoin so that they could swap huge quantities of euro in cash from private people and businesses. These transactions hadn’t been disclosed to the Dutch government, and they had been carried out by means of methods that would keep their customers anonymous.

“The retailers didn’t ask customers for identity documents, while large numbers were frequently traded. The suspects, a man, and his wife, came into contact with clients through advertisements online and a market on the dark web. A lot of the bitcoins traded bore traces of the dark web”, the newspaper reprinted.

The court clarified that these exchanges generally happened in a specific fast-food restaurant inside a large city, with no due diligence or KYC processes. This typically gives dark web criminals a substantial advantage since they’re given a chance to swap their bitcoin for fiat money without needing to go through the typical checks and balances that mainstream fiat-crypto exchanges implement.

Ultimately, the court ruled that the bitcoin obtained in the couple had lots of action on the dark web. The cryptocurrency has been widely linked to criminal activities such as child pornography and murder for hire, and governments frequently use it to monitor these dark web markets.

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