Understanding cryptocurrencies is vital for tackling organized crime, EU’s police agency says.
Abuse expands with use in the case of cryptocurrency, Europol has acknowledged while also noting that blockchain technologies offer authorities a new opportunity to fight crime. Europe’s law enforcement agency also says they can help investigate money laundering networks.
The 6th Global Conference on Criminal Finances and Cryptocurrencies was recently held at the agency’s headquarters in the Netherlands. The two-day event was supported by the Basel Institute on Governance through the joint Working Group on Criminal Finances and Cryptocurrencies and meant to boost collaboration among participating parties in investigating and prosecuting crypto-related crimes.
Speakers also noted that when employing the right tools, blockchain technologies can “offer an unprecedented opportunity to investigate organized crime and money laundering networks and to recover stolen funds,” Europol said in a press release. It emphasized that increasing understanding and capacity in the crypto sphere is vital to tackling crime and the laundering of illicit money.
Law enforcement, regulatory bodies, and the private sector are working hard to stay ahead of those who try to abuse crypto assets, Europol remarked. The agency highlighted the tightening of EU legislation, with upcoming rules designed to ensure that digital currencies like bitcoin receive the same treatment as other assets in the context of money-laundering prevention. This is also easing seizure and management of crypto funds, the police authority added.
Europol further pointed out that investigators are taking advantage of blockchain-based tech to follow money flows, which has allowed them to identify not only
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