Cryptos: an effective weapon against organized gang crime?

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 technologies is crucial to overcoming crime. The agency also specifies that it has the capacity to carry out investigations in order to dismantle all money laundering networks. Clearly, Europol emphasizes that the fight against organized crime can be effective, but for that, it is necessary to understand how cryptocurrencies work.

Europol sees cryptocurrencies as a tool to fight crime

Europol sees crypto as the ultimate weapon to take down organized crime

On the sidelines of the sixth world conference on criminal finance and cryptocurrency in Netherlands, Europol delivered some keys. According to the agency, the massive use of cryptocurrencies leads to greater overexposure to abuse. With the proliferation of new cryptocurrency industries, new types of crime are emerging. Inevitably, this contributes to the considerable development of money laundering on a larger scale. During this conference, which lasted two days, the financial policeman of the European Union spoke with various players in the world of finance. The idea was also to harmonize the forces present for better collaboration in the context of investigations related to cryptocurrencies.

All stakeholders at this meeting understood the need to understand cryptocurrencies. They came to the conclusion that using the blockchain and the appropriate tools means: “provide an unprecedented opportunity to investigate organized crime and money laundering networks and recover stolen funds”, Europol said in a press release. The agency therefore invites the various actors to immerse themselves in cryptocurrencies to better combat illicit money.

The need to be one step ahead of the criminals

The agency encourages the police, the various regulators and the private entities who invest themselves on a daily basis to have leeway on the crooks. Europol did not fail to specify that the EU would continue to tighten its legislation to avoid double standards. In other words, the organization wants cryptocurrencies to benefit from the same treatment reserved for conventional currencies. This is of great use in limiting money laundering. It is also useful for tracking the management of crypto funds.

Europol concludes by acknowledging the contribution of blockchain technology to investigating money flows. This is also what allowed investigators to dismantle several networks of pirates, crooks and money launderers.

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