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The European Union’s law enforcement agency, Europol, announced the establishment of a working group on money laundering with digital currencies. This is a “tripartite partnership” with the International Criminal Police Organization (INTERPOL) and the Basel Institute on Governance.
Also read: EU Intellectual Property Office: Bitcoin Hinders Anti-Piracy Efforts
The Aim of the Europol-Interpol Working Group
The working group aims to “gather, analyse, and exchange non-
operational information regarding the use of digital currencies as a means of money laundering, and the investigation and recovery of proceeds of crime stored in the same form,” according to the announcement.
The group will also organize annual workshops and meetings to inform people on cryptocurrency laundering.
The three organizations recognize that law enforcement agencies worldwide could benefit from information and knowledge sharing. Concerned about the seriousness of money laundering threats by cryptocurrencies, Europol sated:
“To trace assets transferred, laundered, exchanged or stored through the use of cryptocurrencies poses new and distinctive challenges to investigators and prosecutors, as does the seizure and confiscation of the proceeds of crime in cryptocurrencies.”
In its announcement, Europol admitted that only a small number of money laundering cases involve digital curren…
Europol Starts Group to Study Cryptocurrency Launderers
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