Threats posed by transnational criminal networks using digital currencies for money laundering and terrorism financing are topics at the first Global Conference on Money Laundering and Digital Currencies, set up by the international police bodies Interpol and Europol, and the Basel Institute on Governance, with the Qatar National Anti-Money Laundering and Terrorism Financing Committee. The three-day (January 16 to 18) meeting brought together 400 from law enforcement and private industry in 60 countries to discuss the risks associated with digital currencies, such as Bitcoin, and how police can address these types of crimes.
Opening the meeting, Sheikh Fahad Faisal Al-Thani, Chairman of the Qatar National Anti-Money Laundering and Terrorism Financing Committee, commended the efforts to enhance the practical understanding of the use of digital currencies in money laundering, and at building capacities in the detection, investigation and recovery of proceeds of crime stored in a digital form.
Interpol’s Executive Director of Police Services Tim Morris said: “Digital currencies are not constrained by national regulations or borders, therefore cooperation in fighting against criminal uses of digital currencies must also transcend borders and integrate solutions from both law enforcement and the private sector.”
With digital currencies increasingly used to finance criminal activities including terrorism, Interpol’s Anti-Corruption and Financial Crimes unit has produced a report on the vulnerabilities of digital currencies for money laundering and the challenges this poses for law enforcement.
Through the Interpol Global Complex for Innovation in Singapore, several projects related to the use of digital currencies for criminal purposes are being undertaken with law enforcement, international organisations and the private sector. These include projects on Bitcoin laundering and Blockchain analytics.
