Interpol Team Based in Singapore to Help Countries Combat Crypto Crime

A special team established by Interpol in Singapore will assist governments around the world in the fight against crimes involving virtual assets, the international police body announced ahead of its general assembly in India. Cryptocurrency and cybercrime will be the main focus of the forum.

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 press conference on Monday, the head of the International Criminal Police Organization (ICPO) also said that cryptocurrencies are emerging as a major threat across the globe. Stock also revealed that Interpol has formed a team in Singapore, home of its Global Complex for Innovation, that will help countries in their efforts to combat crimes committed using crypto assets.

Cryptocurrency and cybercrime will be the main focus of the agenda of the gathering as the 195 members of the body seek to improve cooperation in the field. “Huge developments in technology, internet of everything and digitalization – because of cryptocurrency – pose a challenge,” Stock elaborated.

Quoted by the Spanish news agency EFE, the German pointed out that quite often law enforcement agencies are not properly trained and equipped, to start with. At the same time, he emphasized that a large amount of assets generated by criminal activities are being laundered through cryptocurrency.

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.

The statements come after last month the European Union Agency for Law Enforcement Cooperation (Europol) acknowledged that the growing use of cryptocurrencies across borders and industries comes with increasing abuse. Europe’s law enforcement agency also indicated it’s seeking to employ blockchain tools to investigate organized crime and money laundering.

Do you expect Interpol to significantly increase efforts and resources devoted to tackling crypto-related crime in the coming years? Tell us in the comments section below.