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Intrepol plans to create a specialized unit to deal with cryptocurrency crimes

By on October 18, 2022 0

The International Criminal Police Organization or Interpol is planning to create a specialized division to deal with crimes related to cryptocurrency.

According to a Trade standard report, the agency has already set up such a team in Singapore to help authorities tackle crimes related to virtual assets.

Interpol Secretary General Jürgen Stock, who is in India for Interpol’s four-day general assembly, said the lack of clear laws for cryptocurrencies is a major challenge for security forces. order and pointed out that these agencies are often not equipped to deal with crimes involving cryptocurrencies like Bitcoin.

Interpol’s four-day general meeting will focus on cryptocurrency and cybercrime, he said.

The investigative agency has been training its police officers in the fight against cybercrimes and cryptocurrency crimes since 2015.

Stock had recently said that less than 1% of global illicit financial flows are intercepted and that 99% of stolen assets remain in the hands of criminals should be “a bigger concern” for everyone.

“Combined with estimates of the global cost of cybercrime, which is expected to reach $10.5 trillion by 2025, this brings us to the basics of money surveillance.”

Interpol has developed its global stop payment mechanism, the Anti-Money Laundering Rapid Response Protocol, which in the past 10 months alone has helped member countries recover over $60 million in criminal proceeds from computer fraud, he said.

With PTI inputs