It’s been getting a bit heated in the digital currency space so I wanted to write and update on cryptocurrency trading news!
Governments Worldwide Are Looking for Criminal Activity in the Cryptocurrency World.
The threats posed by transnational criminal networks exploiting digital currencies for money laundering and terrorism financing have been high on the itinerary of an INTERPOL meeting in Qatar.
Cryptocurrency Trading News
The first Global Conference on Money Laundering and Digital Currencies – as organized by INTERPOL, Europol and the Basel Institute on Governance, with the collaboration of the Qatar National Anti-Money Laundering and Terrorism Financing Committee – has brought together approximately 400 contributors from law enforcement and private industry in 60 countries in order to deliberate the risks connected to digital currencies, such as Bitcoin, and how police can address these sorts of crimes via a global approach.
The meeting occurred January 16 to the 18th and Sheikh Fahad Faisal Al-Thani, Chairman of the Qatar National Anti-Money Laundering and Terrorism Financing Committee, opened the meeting and highly praised the efforts to increase the real-world understanding of the use of digital currencies in money laundering, and at constructing capabilities in the detection, investigation and recovery of proceeds of crime stored in a digital form.
Cryptocurrency Trading News – Interpol
INTERPOL’s Executive Director of Police Services, Tim Morris, emphasized the significance of a global, cross-sectoral method in safeguarding that digital currencies are not abused by criminal enterprises.
“Digital currencies are not constrained by national regulations or borders, therefore cooperation in fighting against criminal uses of digital currencies must also transcend borders and integrate solutions from both law enforcement and the private sector,” said Mr Morris.
With digital currencies progressively being used to finance criminal activities, including terrorism, INTERPOL’s Anti-Corruption and Financial Crimes unit has created a report on the vulnerabilities of digital currencies for money laundering and the trials and tribulations that this poses for law enforcement.
Through the INTERPOL Global Complex for Innovation in Singapore, numerous projects connected to the use of digital currencies, such as Bitcoin, for criminal purposes are being commenced in partnership with law enforcement, international organizations and the private sector. These include projects on Bitcoin laundering and Blockchain analytics, in order to support member countries’ skills in this field.
Additionally, INTERPOL has piloted specialized training in order to support law enforcement in identifying organized crime networks within the Darknet and their use of digital currencies.
Cryptocurrency Trading News – Last Note
The conference in Doha is the first such event coordinated by the Working Group on Digital Currencies established in September 2016 by INTERPOL, Europol and the Basel Institute on Governance to gather and investigate data on the use of digital currencies by criminals as a means of laundering money and improve strategies for the investigation and recovery of digital criminal proceeds.
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