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From briefcase of cash to virtual wallets: Why financial crimes are harder to trace
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Unlike cash, digital currencies like cryptocurrencies offer one of the easiest methods to move money out of a country.
PHOTO ILLUSTRATION: PEXELS
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SINGAPORE - Not too long ago, criminals carried their ill-gotten cash in briefcases to dodge banking scrutiny and the police.
With technological advancements, many have turned to the virtual world and digital currencies, making it harder for the authorities to trace the more than US$800 billion (S$1.1 trillion) estimated to be laundered globally every year.
