Europol Seeks New Powers to Clamp Down on Digital Money Laundering
Europol, the European Union's top law enforcement agency in charge of criminal intelligence, is urging legislators to provide law enforcement with greater powers to identify criminal activities online, including digital money laundering. Europol is not a law enforcement agency in the traditional sense, but rather furnishes EU law enforcement agencies with support, including intelligence, information exchange, expertise and training. The organisation launched the European Cybercrime Centre last year, and one of its goals is to target organised groups that make their money online. Digital....
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Europol, the European Union's law enforcement agency that deals with criminal intelligence is calling for police to be given additional powers when it comes to identifying wrong-doers, particular those who are laundering money using bitcoin and other digital currencies. "We're seeing that virtual currencies are being used as an instrument to facilitate crime, particularly in regard to the laundering of illicit profits," said Rob Wainwright, director at Europol, at a nuclear security conference in The Hague, Netherlands. Europol doesn't have their own policing powers, but they say that....
In an effort to tackle money laundering through virtual currencies like bitcoin, two prominent law enforcement agencies – Europol and Interpol have announced the establishment of a working group. An announcement from late last week has confirmed the establishment of a new working group looking into money laundering with digital currencies. The group is established through a tripartite partnership between Europol – the criminal intelligence agency of the European Union; INTERPOL, a prominent intergovernmental organization that facilitates international police cooperation and; the Basel....
The European Union’s law enforcement agency, Europol, announced the establishment of a working group on money laundering with digital currencies. This is a “tripartite partnership” with the International Criminal Police Organization (INTERPOL) and the Basel Institute on Governance. The Aim of the Europol-Interpol Working Group. The working group aims to....
Europol has set up a working group combatting money laundering with digital currency. Experts say it’s good for the industry. On 9 Sept 2016, Europol announced the launch of a Bitcoin money laundering division in partnership with INTERPOL and the Basel Institute on Governance. The terms of reference. The announcement claims that the aims of this setup are to: Gather, analyse, and exchange non-operational information regarding the use of digital currencies as a means of money laundering, and the investigation and recovery of proceeds of crime stored in the same form. Organise annual....
Digital currencies should never become the tool of preference for criminals, although those behind popular ransomware solutions prefer Bitcoin over any other payment method. Bitcoin is, in the public perception, a traditional form of finance that eludes governments and law enforcement all over the world. Media outlets tend to call the digital currency “impossible to trace”, even though all transactions are publicly listed on the blockchain in real-time. To further solidify that statement, Chainalysis decided to come up with a business model that further prevents money laundering attempts....