It was a sad day for a group of local terrorists in Philippines after they were closely monitored by some dogged researchers from the Philippine Institute for Peace, violence and Terrorism Research (PIPVTR).
The researchers were able to track these terrorists after making their first transactions. These terrorists have a link with the Islamic State in Southeast Asia
The researchers disclosed that the transaction made on May 20 was to help local terrorists like the Jamaah Ansharut.
The research group also uncovered some money laundry activities of the local terror groups which took place in two phases. At first, the ill gotten money will be channeled to other accounts through less known exchanges making it difficult to trace the transactions. For the second phase of the money laundry activity, PIPVTR has this to say:
“The second phase refers to an exchange of these crypto assets into fiat money which, then, returns the funds to the legal money cycle. In crypto-only exchanges, cryptocurrencies can be exchanged with one another.”
PIPVTR wants the government in Southeast Asia to tighten money laundry policies so as to discourage more people from participating in the crime.
Should anonymous crypto assets be banned?
It is believed that anonymous crypto assests increases the occurrence of money laundry. As an evidence, we can recall the Marawi Siege case of 2017, where terrorist groups were allegedly helped with money from crypto wallets.
PIPVTR is also against the use of anonymous crypto assets like Monero which makes it difficult to stop the crime.
This is not a new occurrence becuase three years ago, a US woman was sentenced to 13-year imprisonment for her role in supporting ISIS with cryptocurrencies.
However, Chinalysis, a forensics company on Blockchain matters in China, has said that most of the reports linked to the country are not true and require further investigation.