EU Police Teams Up with Interpol to Fight Bitcoin Crime

EU regulators who long wished to curtail anonymity for European cryptocurrency users have taken their efforts another step forward. The EU law enforcement agency (Europol), the International Criminal Police Organization (INTERPOL), and the Basel Institute on Governance have created a partnership on money laundering with Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

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This new working group will aim to: gather, analyse, and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term information regarding the use of cryptocurrencies as a means of money laundering, and the investigation and recovery of proceeds of crime; organise annual meetings to increase the capacity to successfully investigate crimes in which cryptocurrencies are involved; and create a network of experts in this field, who can collectively establish best practices and provide assistance inside and outside the group.

The group says that cryptocurrencies are "already transforming the criminal underworld", and that there is a clear consensus that they "pose a money laundering and terrorism financing threat". Europol, INTERPOL, and the Basel Institute on Governance are concerned about the seriousness of these threats and note the increasing use of new kinds of currencies.

They also explain that to trace assets transferred, laundered, exchanged or stored through the use of cryptocurrencies poses new and distinctive challenges to investigators and prosecutors, as does the seizure and confiscation of the proceeds of crime in cryptocurrencies.