Wealthy crime gangs are creating their own smartphone banking apps to launder their dirty money.
They pay fortunes to IT whizzes to create software that can shift huge sums in dodgy cash around the world in seconds.
A security source said: “There’s been a huge leap forward by international organised crime gangs.
“They use their money and their reach to create their own peer-to-peer platforms, often made by programmers in places like Bangladesh or India.
“It makes it it much more difficult to trace or freeze assets.”
Criminologist Dr Mike McGuire of Surrey University said more than a trillion dollars is flowing through P2P systems — “much of it legitimate, but plenty which is not”.
Gangs are also combining old and new methods of cleaning up their illicit earnings.
For example, a cartel might trade drugs cash for stolen credit cards, then buy virtual currencies like Bitcoin or pay for Airbnb “stays” in fake properties set up by associates.
Read the original article here: thesun.co.uk
Get headlines, breaking news, and jobs announcements delivered to your inbox. Sign up for our daily newsletter.