Europol and INTERPOL partnership investigates Cryptocurrency Crime


A partnership has been formed between Europol and INTERPOL. The aim of the partnership is to fight against cryptocurrency crime on a global scale. Will criminals no longer be able to hide behind cryptocurrencies?

13 September, AtoZForexThe EU law enforcement agency (Europol), along with the International Criminal Police Organization (INTERPOL) and the Basel Institute on Governance agreed to collaborate on fighting against cryprocurrency crime. It was time to make such a pact, considering that the each of the partners has witnessed on a large scale that the criminal underworld is transforming, due to cryptocurrencies.

Criminals have been caught utilizing cryptocurrencies for money laundering purposes as well as financing terrorism. The gravity of these developments and threats have urged INTERPOL, Europol and the Basel Institute on Governance to start collaborating. It does not end with Bitcoin, as in a decade’s time numerous of new cryptocurrencies has been introduced to the public, which has increased the worries of these authorities. In addition, the governmental investigators and prosecutors face challenges tracking down assets transferred, laundered, exchanged or stored through the use of cryptocurrencies. The same problem arises while confiscating and seizing of the assets that have been financed by criminals by cryptocurrencies.

Core objectives of Europol and INTERPOL

The objectives of the Europol and INTERPOL partnership constitutes of gathering, analyzing and exchanging information related to the usage of cryptocurrencies by criminals to finance terrorism and money laundering. Aside these agreements, the Europol and INTERPOL partnership will organize annual meetings, in order to discuss on how to improve the ability to successfully investigate cryptocurrencies crimes. Furthermore, the partnership aims to establish a network of experts in this area, which will consult the best practices internally and externally.

See also: Russian authorities block LocalBitcoins

Related to cryptocurrency crime is the recent hack of the Hong-Kong-based exchange Bitfinex. The exchange was robbed over $60 million worth in Bitcoins, while the criminals nor the cryptocurrencies has not been traced back yet. Hence, it is crucial to introduce measures to prevent such attacks as well as trying to trace where the money could be used next. Considering that these criminals spend this stolen money on other illicit activities.

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