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A special team established by Interpol in Singapore will assist governments worldwide in the fight against crimes involving virtual assets, the international police body announced ahead of its general assembly in India. Cryptocurrency and cybercrime will be the main focus of the forum.
Cryptocurrencies such as bitcoin pose challenges to law enforcement agencies, especially in the absence of a legal framework, Interpol Secretary General Jürgen Stock was quoted by Indian press as saying. He arrived in New Delhi for Interpol’s 90th General Assembly which starts on Tuesday and will continue till October 21.
During a press conference on Monday, the head of the International Criminal Police Organization (ICPO) also said that cryptocurrencies are emerging as a major threat across the globe. Stock also revealed that Interpol has formed a team in Singapore, home of the Global Complex for Innovation, which will assist countries in their efforts to combat crimes committed using crypto-assets.
Cryptocurrency and cybercrime will be the main focus on the agenda for the gathering as the 195 members of the body seek to improve cooperation in the field. “Immense developments in technology, the Internet of Everything and digitization – due to cryptocurrency – pose a challenge,” Stock elaborated.
Quoted by Spanish news agency EFE, the German pointed out that law enforcement agencies are quite often not properly trained and equipped, to begin with. At the same time, he emphasized that a large amount of assets generated by criminal activities are laundered through cryptocurrency.
Praveen Sinha, special director of India’s Central Bureau of Investigations, noted that cybercrime is becoming increasingly difficult to decipher. “The only answer is international cooperation, coordination, trust and real-time sharing of information,” commented the Indian representative.
Both officials highlighted Interpol’s important role in improving global police cooperation. Jürgen Stock further detailed that the members intend to explore the future of the police in an increasingly digitized world in view of the task of completing the organization’s 2030 vision.
The statements come after the European Union Agency for Law Enforcement Cooperation (Europol) acknowledged last month that the growing use of cryptocurrencies across borders and industries comes with increasing abuse. Europe’s law enforcement agency also indicated that it is seeking to use blockchain tools to investigate organized crime and money laundering.
Do you expect Interpol to significantly increase its efforts and resources to tackle crypto-related crime in the coming years? Tell us in the comments section below.
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