Malaysian Money Laundering & Bitcoin

Note from the CEO:  Another validation and use for a digital currency.  I personally have followed this money laundering investigation (scandal) since it broke a year or so ago as FintekNews has financial contacts in Kuala Lumpur.  Remember the movie “Wolf of Wall Street” was financed (alledgedly) by laundered funds from that country.  Now, Malaysia is one country rapidly easing regulations on bitcoin adoption and other countries will certainly follow.

“Bitcoin trading is going through peaks and lows everywhere in the world at some point in history. Over the past few weeks, however, some countries seem to show an increased interest in this cryptocurrency. Particularly Malaysia stands out, although that is not entirely surprising, given their stance on easing Fintech regulation in general.

Malaysia is one of those countries where people are flocking to alternative investment solutions. Anyone who has been keeping an eye on the financial situation in that country will know things are not looking good. Money laundering is running rampant in Malaysia these days, and some of the major banks and investment funds are involved in the process.

Earlier this week, news broke about the 1Malaysia Development Bhd, which is a state-owned fund, being involved in embezzlement and money laundering. Although many experts felt something was up with 1MDB for quite some time, they were never able to make these claims stick.”

Read Full Article at LiveBitcoinNews