Sharp Rise in Crypto SARs Despite Drop in Overall Reports Germany
Germany Financial Intelligence Unit (FIU) has disclosed a significant rise in cryptocurrency-linked suspicious activity reports (SARs) in 2024. While overall SAR submissions declined due to tightened reporting guidelines, crypto-specific filings soared to a record 8,711 cases—marking an 8.2% increase compared to 2023.
Bitcoin Tops the List of Reported Digital Assets
Bitcoin was the most frequently mentioned cryptocurrency in these reports. Ethereum, Tether (USDT), and Litecoin followed closely. Many of these reports were tied to platforms such as crypto mixers and online gambling sites—tools often exploited to obscure the origins of illicit funds.
FIU Flags Escalating Role of Crypto in Illicit Finance
The FIU cautioned that this surge points to a wider pattern: the growing use of digital currencies for money laundering. The anonymity and speed of crypto transactions continue to make regulatory oversight a challenge, as criminal actors adapt quickly to evade detection.
Similar Patterns Observed in the UK and US
Germany is not alone in this trend. The UK’s National Crime Agency found that 6.6% of SARs filed in the 2023–2024 period involved crypto exchanges. The total SAR volume in the UK rose to around 872,000, with an increase in terrorism financing alerts and asset-freeze requests.
Meanwhile, the U.S. Financial Crimes Enforcement Network (FinCEN) recorded over 8,600 crypto-linked SARs in 2023. After issuing a major advisory in September, the agency saw weekly filings spike—sometimes exceeding 1,500. Across the full fiscal year, SAR submissions in the U.S. totaled approximately 4.6 million.
Crypto Laundering Remains a Major Global Concern
Globally, crypto-based money laundering continues to be a significant issue. According to Chainalysis, $31.5 billion worth of illicit crypto was laundered in 2022, dropping to $22.2 billion in 2023. While crypto transaction volumes decreased by 15%, laundering saw a sharper decline of about 30%. Nonetheless, the overall scale of criminal activity tied to crypto remains steady—averaging nearly $50 billion annually between 2022 and 2024.
