A special team established by Interpol in Singapore will assist world governments in the fight against crime involving virtual assets, the international police organization announced ahead of its General Assembly in India. Cryptocurrencies and cybercrime will be the main focus of the forum.
Interpol Establishes Unit to Tackle Crypto-Related Crime, Top Official Announces
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Cryptocurrencies like Bitcoin pose challenges to law enforcement agencies, especially in the absence of a legal framework, Interpol Secretary General Jürgen Stock said in India He was quoted by the press. He arrived in New Delhi for Interpol’s 90th General Assembly, which began Tuesday and will continue through October 21.
At a press conference on Monday, the head of the International Criminal Police Organization (ICPO) also said cryptocurrencies have emerged as a major threat worldwide. Shares also revealed that Interpol has formed a team in Singapore, where there is a 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 of the gathering’s agenda as the organization’s 195 members seek to improve cooperation in this area.” Stock elaborated, “The huge development of technology, the Internet of everything and digitization – for cryptocurrency – poses challenges.
Quoted by the Spanish news agency EFE, the German noted that quite often law enforcement agencies are not properly trained and equipped, to begin with. At the same time, he emphasized that large amounts of assets generated by criminal activity are laundered via cryptocurrencies.
Praveen Sinha, Special Director General of India’s Central Bureau of Investigation, noted that cybercrime is becoming increasingly difficult to crack.” The only answer is international cooperation, collaboration, trust, and real-time information sharing,” the Indian representative commented.
Both emphasized Interpol’s important role in improving global police cooperation. Jürgen Stock further revealed that he intends to explore the future of policing in an increasingly digital world, with a view to working on putting together the organization’s 2030 vision.
The statement comes after the European Union Law Enforcement Cooperation Agency (Europol) acknowledged last month that the growing use of cryptocurrencies across borders and industries is accompanied by increasing abuse. It also indicated that European law enforcement agencies are looking to adopt blockchain tools to investigate organized crime and money laundering.
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