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FinCEN: BSA Data Shows Rise in Crypto-Funded Human Trafficking | Brief news
The latest from FinCEN financial trend analysiswhich extracted BSA reporting data from January 2020 to December 2021, highlighted the evolving tactics of cybercriminals to exploit cryptocurrencies, like bitcoin, to finance human trafficking and exploitation Online Child Sexual Abuse (OCSE).
The analysis showed a notable increase in BSA reports related to OCSE and human trafficking involving cryptocurrencies. Throughout the reporting period, FinCEN received a total of 2,311 BSA reports referencing convertible virtual currency (CVC) in connection with these crimes, representing more than $412 million in reported suspicious activity.
Key findings from the analysis indicated a substantial increase in reports of BSAs related to OCSE and human trafficking involving CVCs. The total number of these reports increased from 336 in 2020 to 1,975 in 2021, representing 29% of BSA reports related to human trafficking for the past year.
Additionally, the reported value of suspicious activity associated with these crimes increased from $133 million in 2020 to $278 million in 2021, although influenced by a single high-value report in June 2021.
In a Press release On Tuesday, FinCEN Director Andrea Gacki called on financial institutions to remain vigilant and continue to provide timely information necessary to save innocent lives. She highlighted the critical need to provide law enforcement with data to investigate human trafficking and sex crimes against children.