Ahead of its General Assembly meeting in India, the Interpol announced that a special team set up by INTERPOL in Singapore will help governments around the world fight crimes involving virtual assets. Cryptocurrency and cybercrime will be the main focus of the forum.
Interpol sets up unit to tackle crypto-related crime, top executives reveal
The Indian press quoted INTERPOL Secretary General Jürgen Stock as saying that cryptocurrencies such as bitcoin pose challenges for law enforcement agencies, especially in the absence of a legal framework. He is in New Delhi for the 90th session of the INTERPOL General Assembly, which begins on Tuesday and runs until October 21.
During a press conference held today, Monday, the President of the International Criminal Police Organization (International Criminal Police Organization)ICPOHe also said that cryptocurrencies are emerging as a major threat around the world. Stock also revealed that Interpol has set up a team in Singapore, home of its global innovation complex, that will assist countries in their efforts to combat crimes committed using crypto assets.
Cryptocurrency and cybercrime will be the main focus of the gathering’s agenda as the body’s 195 members seek to improve cooperation in this area. “The massive advances in technology, the Internet of Everything, and digitization – due to cryptocurrency – are a challenge,” Stock explained.
The Spanish news agency EFE quoted the German as saying that law enforcement agencies are often not properly trained and equipped, to begin with. At the same time, he confirmed that a large amount of assets generated by criminal activities are being laundered through cryptocurrency.
Praveen Sinha, Special Director of India’s Central Bureau of Investigation, pointed out that it is increasingly difficult to decipher cybercrime. “The only answer is international cooperation, coordination, trust and real-time information exchange,” the Indian representative commented.
The two officials highlighted the important role of Interpol in improving global police cooperation. Jürgen Stock also made it clear that its members intend to explore the future of policing in an increasingly digital world in light of the task of finalizing the organization’s Vision 2030.
The data comes after the European Union’s law enforcement cooperation agency (Europol) acknowledged last month that the growing use of cryptocurrencies across borders and industries is coming with growing abuse. The European law enforcement agency has also indicated that it is seeking to use blockchain tools to investigate organized crime and money laundering.
Do you expect INTERPOL to significantly increase efforts and resources dedicated to tackling crypto-related crimes in the coming years? Tell us in the comments section below.
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