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132 nations attend 4th Global meet on prison funds

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Representatives talk about cross-sector options in opposition to the prison use of cryptocurrencies

Over 2,000 representatives from 132 nations attended the digital 4th Global Conference on Criminal Finances and Cryptocurrencies organised by the Interpol, Europol and the Basel Institute on Governance from November 18 to 19.

“Representatives from law enforcement and the judiciary, Financial Intelligence Units (FIUs), international organisations and the private sector have met virtually to shape international cross-sector solutions against the criminal use of cryptocurrencies,” stated the Interpol.

The convention is an initiative of the Working Group on Cryptocurrencies and Money Laundering established in 2016 by the three organisations, launched with an goal of strengthening data, experience and finest practices for investigations into monetary crimes and intelligence on digital property and cryptocurrencies.

“Recent increases in the number and quality of investigations in the field of cryptocurrency-facilitated crime and subsequent money laundering means that law enforcement and other public entities are continuing to enhance their level of knowledge and expertise in this crime area. In this regard, the conference served as an opportunity to underline the need for countries and jurisdictions to increase the exchange of tactical information and best practices, so that lessons learnt by one entity can be useful to others,” it stated.

The convention underlined the necessity to develop capabilities on methods to probe digital property and regulate digital asset service suppliers to forestall cash laundering.

“A multi-agency and multi-disciplinary approach involving both the private and public sectors is key to tackling criminal finances and the misuse of cryptocurrencies. By combining the expertise and data on financial crime held by the private sector with the investigative capabilities of law enforcement, we can enhance our collective capabilities and scale up efforts against criminal finances,” stated Ilana de Wild, Interpol’s director of organised and rising crime.

The convention’s agenda included tendencies and investigations on cryptocurrency associated offences, exploring prison flows and operations at nighttime markets, ransomware and sextortion case research, cash laundering involving digital property, and the switch of drug proceeds utilizing cryptocurrencies.

The members endorsed the suggestions on capability constructing measures on methods to probe digital property, establishing clear regulatory framework to forestall cash laundering, adopting ‘follow the money’ methods in opposition to prison proceeds, strengthening info alternate to dismantle prison networks, and exploiting new applied sciences in prison funds investigations, stated the Interpol.



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