European Commission: “Cryptocurrencies need to be tracked to fight organized crime”

Organized crime is increasingly using new technologies for their activities, including digital currencies, according to a European Commission report.

The report emphasizes that European law enforcement agencies need to be on the cutting edge of new technologies to tackle organized crime. Criminals are constantly using cryptocurrencies, the dark net and viruses to get money, and this must be combated.

“In order to detect and prosecute organized crime, investigators need to identify suspicious online activity, track criminal transactions with virtual currencies, correlate information and understand what they found, as data can be encrypted. It is necessary to save the data and provide them as evidence in court, ”the document says.

At the same time, the authors of the report note that despite the development of legislation, law enforcement agencies can detect only a small part of money laundering crimes, and only 1% of the money laundered is confiscated. This is facilitated by the development of new financial technologies, including cryptocurrencies, which are poorly controlled by banks and regulators.

“The fight against organized crime in the digital space must be coordinated. We need to develop new tools and train employees, exchange information, gain access to resources for the sale of illegal goods and services, and close such resources, ”the authors of the report conclude.

Recall that at the end of March, the President of the International Bank of Settlements, Agustin Carstens, called on regulators around the world to tighten control over cryptocurrencies, as they are a tool to circumvent financial legislation.