Crypto

Crypto: an effective weapon against organized crime?

Sun, September 11, 2022 ▪ 15:00 ▪
3
min. read – by
Cedric Aimé GELANG OFALABEN

Europol is on the hunt for all cybercriminals trying to take over the crypto universe. The organization recognizes that in this long battle, the contribution of blockchain technology is critical to overcoming crime. The agency also clarifies that it has the ability to conduct investigations with the aim of dismantling all money laundering networks. It is understandable that Europol emphasizes that the fight against organized crime can be effective, but for this it is necessary to understand how cryptocurrencies work.

Europol considers cryptocurrencies as a tool to fight crime

Europol considers cryptocurrency the best weapon in the fight against organized crime

On the sidelines of the sixth global conference on criminal finance and cryptocurrencies in the Netherlands, Europol handed over some keys. According to the agency, the massive use of cryptocurrencies leads to more abuse. With the spread of new cryptocurrency industries, new types of crimes appear. This inevitably contributes to the significant development of money laundering on a larger scale. During this conference, which lasted two days, the European Union’s financial police spoke to various players in the world of finance. The idea was also to harmonize the forces present for better cooperation in the context of crypto-related investigations.

All stakeholders at this meeting understood the need to understand cryptocurrencies. They concluded that the use of blockchain and the right tools: “offers an unparalleled opportunity to investigate organized crime and money laundering networks and recover stolen funds,” Europol said in a press release. Therefore, the agency invites various entities to dive into cryptocurrencies in order to better fight against illicit money.

The need to be one step ahead of criminals

The agency calls on the police, various regulators and individuals who invest their funds on a daily basis to have a free hand against scammers. Europol did not fail to clarify that the EU will continue to tighten its legislation to avoid double standards. In other words, the organization wants cryptocurrencies to enjoy the same treatment as conventional currencies. This is very useful for limiting money laundering. It is also useful for tracking the management of crypto funds.

In conclusion, Europol acknowledges the contribution of blockchain technology to the investigation of cash flows. It also allowed investigators to take down several networks of pirates, scammers and money launderers.

Get a digest of news in the world of cryptocurrencies by subscribing to our new service Newsletter daily and weekly so you don’t miss any important Cointribune news!

Avatar by Cedrick Aimé GUELANG OFALABEN
Cedric Aimé GELANG OFALABEN

A doctoral student in finance law and an experienced SEO web editor, Cédric Aimé is passionate about cryptocurrencies, trading, etc. Naturally, through his articles, he participates in the daily blockchain revolution to better democratize DeFi.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker.