Crypto analytics firm Chainalysis published a blog post previewing its Money Laundering and Cryptocurrency Report on Thursday. The company stated that the report is a “first-of-its-kind research that dives deep into the complexities of money laundering in the crypto ecosystem.”

This study expands on the firm’s annual Crypto Crime Report, offering new insights into tracing illicit funds on the blockchain and advanced techniques to identify potential money laundering activities. The report also discusses global anti-money laundering policies and strategies for both crypto-native and traditional scenarios. Chainalysis highlights how blockchain intelligence and data-driven insights are key to combating financial crimes. Chainalysis detailed:

Since 2019, nearly $100 billion in funds have been sent from known illicit wallets to conversion services.

“The highest amount recorded was in 2022, with $30 billion identified, largely attributable to transactions involving sanctioned services such as the Russian exchange Garantex,” the firm added. Chainalysis described the stages of money laundering: placement, layering, and integration. The firm also highlighted the role of conversion services in the layering stage.

Cryptocurrencies, while transparent, are increasingly used for laundering money due to their cross-border, instantaneous, and low-cost nature, the report notes, adding that illicit actors exploit these features to conceal funds from a variety of criminal activities, not just those traditionally associated with crypto crimes. “The growing ubiquity of crypto has made it a tool for laundering proceeds from various off-chain crimes, such as narcotics trafficking and fraud,” Chainalysis explained, adding that this shift necessitates broader expertise among law enforcement, extending beyond specialized cybercrime units to all agencies.

Blockchain’s transparency offers significant advantages for investigators, the report emphasized, noting that with the right tools, they can uncover illicit activity that might otherwise remain hidden. Chainalysis stressed:

Investigators in the public and private sectors can leverage the transparency of blockchain to uncover illicit activity that may otherwise go undetected.

The report further underscores the importance of combining blockchain transaction tracing with traditional money laundering tactics to effectively combat this issue.

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