Interpol Team Based in Singapore to Help Countries Combat Crypto Crime – Bitcoin News

Interpol’s special unit in Singapore was announced by the International Police Organization ahead of the India General Assembly. It will help governments worldwide fight crimes using virtual assets. The forum will focus on cybercrime and cryptocurrency.

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Cryptocurrencies like bitcoin pose challenges to law enforcement agencies, especially in the absence of a legal framework, Interpol Secretary-General Jürgen Stock was quoted by the Indian press as stating. He arrived in New Delhi for Interpol’s 90th General Assembly which starts on Tuesday and will continue until Oct. 21.

During a Monday press conference, Stock also stated that cryptocurrencies were a growing threat to the world. Stock revealed also that Interpol created a Singapore team, which is part of the Global Complex for Innovation. This will assist countries with their fight against crimes using cryptocurrency assets.

As the group’s 195 members seek to strengthen cooperation in cybercrime, the meeting will center on cryptocurrency. “Huge developments in technology, internet of everything and digitalization – because of cryptocurrency – pose a challenge,” Stock elaborated.

Spanish news agency EFE quotes the German saying that many law enforcement agencies don’t have the right training or equipment. He also stressed that cryptocurrency is being used to launder large amounts of criminal assets.

Praveen Sinha, special director of India’s Central Bureau of Investigations, noted that it’s increasingly difficult to decipher cybercrime. “The only answer is international cooperation, coordination, trust, and real-time sharing of information,” the Indian representative commented.

Both officials highlighted Interpol’s important role for improving global police cooperation. Jürgen Stock further detailed that its members intend to explore the future of police in an increasingly digitalized world in view of the task to finalize the organization’s 2030 vision.

After Europol, the European Union Agency for Law Enforcement Cooperation (Europol), acknowledged last month that cryptocurrency use across industries and borders is increasing in abuse, the statements were made. Europe’s law enforcement agency also indicated it’s seeking to employ blockchain tools to investigate organized crime and money laundering.

What do you think Interpol will do to increase resources and efforts in tackling cryptocurrency-related crime? Leave your comments below.

Lubomir Tatsev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.