Interpol reportedly creates dedicated unit to fight crypto crimes

The International Criminal Police Organization is reportedly planning to strengthen its crackdown on crypto-related crimes by creating a dedicated department.

The world’s largest global policing organization Interpol has set up a special team in Singapore to help governments fight crimes involving virtual assets, Indian news agency Business Standard informed of on 17 October.

Interpol made the announcement in a press conference ahead of its 90th general meeting in Delhi, which will be attended by high-profile police officers from its 195 members from October 18 to October 21.

According to Interpol Secretary General Jurgen Stock, the lack of a legal framework for cryptocurrencies like bitcoin (B T c) and ether (ETH) presents great challenges for law enforcement agencies. “Because too often, agencies are not properly trained and properly equipped” to initially address cryptocurrency crimes, Stock reportedly noted,

Stock also pointed out that cryptocurrency and cybercrime will be the main focus of the agenda at Interpol’s general meeting in India.

Praveen Sinha, Special Director, Central Bureau of Investigation of India reiterated that it is becoming increasingly difficult to monitor cyber crime. He also highlighted the role of Interpol in establishing and developing better police cooperation at the global level.

“The only answer is international cooperation, coordination, trust and real-time sharing of information,” Sinha said.

news comes Soon after the release of Interpol “Red notice” to global law enforcement in September for the arrest of TerraForm Labs co-founder Do Kwon. South Korean prosecutor first in Seoul Interpol asked to circulate Follow the “Red Notice” for Do Kwon in the agency’s 195 member countries to find him Terra ecosystem collapse in May 2022.

related: Terra co-founder Do Kwon says he is ‘making zero effort to hide’ after Interpol notice

Interpol’s latest efforts to better track cryptocurrency crimes are not the agency’s first initiative to gain more crypto-related skills. has been interpolated working to gain more expertise To learn about cryptocurrency transactions and identify criminal activity in the darknet at least as early as 2015.

In 2020, Interpol partnered with cyber security firm Trend Micro to reduce Cryptojacking affecting routers across Southeast Asia. The agency also worked with South Korean data intelligence startup, S2W Lab to analyze dark web activity, including cryptocurrency transactions, in March 2020.