Surge in Crypto-Linked SARs Despite Overall Decline Germany
Germany Financial Intelligence Unit (FIU) reported a sharp increase in cryptocurrency-related suspicious activity reports (SARs) in 2024. While total SARs dropped due to stricter filing guidelines, crypto-linked reports hit an all-time high with 8,711 filings—an 8.2% rise from 2023.
Bitcoin Leads the List of Flagged Cryptocurrencies
The majority of these reports involved Bitcoin. Other frequently reported cryptocurrencies included Ethereum, Tether (USDT), and Litecoin. These digital assets were often tied to platforms and services like mixers and online gambling sites, which are commonly used to obscure the origin of illicit funds.
FIU Warns of Growing Use of Crypto in Money Laundering
According to the FIU, the data reflects a broader trend of increasing use of cryptocurrencies in money laundering operations. The ease of transferring and disguising crypto funds continues to challenge regulators and financial watchdogs.
UK and US Report Similar Trends in Crypto Crime
The rise in crypto-related SARs isn’t limited to Germany. In the United Kingdom, the National Crime Agency reported that 6.6% of SARs during 2023–24 were linked to crypto exchanges. The UK filed approximately 872,000 SARs overall, with a significant uptick in cases involving terrorism financing and asset freezes.
In the United States, FinCEN documented over 8,600 crypto-related SARs in 2023. Following a key advisory in September, weekly reports spiked—sometimes exceeding 1,500. The total number of SARs filed in the U.S. reached 4.6 million during the fiscal year.
Global Money Laundering via Crypto Remains Substantial
On a global scale, Chainalysis estimated that $31.5 billion in illicit crypto funds were laundered in 2022, falling to $22.2 billion in 2023. Although total transaction volumes decreased by 15% in 2023, laundering dropped by about 30%. Yet, the overall volume of crypto-linked criminal activity has remained steady, averaging $50 billion per year from 2022 to 2024.
