Cybercriminals not to take a Get Away with Cryptocurrency

By Steven Anderson November 20, 2018 Off

Crimes around digital currencies sound an easy resort for cybercriminals to escape from their crimes.

Rod Rosenstein, the U.S. Deputy Attorney General, is looking at international support to bring in some added attention to crimes that are done by making use of digital currencies.

The Attorney General gave these views at the “Interpol Annual Meeting” that was held on Sunday, November 19, 2018.

The Interpol Annual Meeting is where the law enforcement agencies from different parts of the world discuss to take the required decisions, to bring in action on the criminal happenings.

The Interpol can issue Red Notices to its member countries to list the persons who are required for extradition. The organization is however not a supranational law agency with sworn officers to execute arrests.  The primary purpose of Interpol is to help countries to investigate crimes happening at an international level to bring offenders into prosecution ultimately. The Interpol is just a network of criminal law enforcement agencies. Technically, they are a Bulletin Board where the wanted notices and requests for information is published by the National Police Forces from across the world.

Rosenstein, when speaking at the Interpol was trying to bring to the attention of the members in the network, about how criminals can get away by working out their crime over the network.  He reinstated on how the positive use facilitated by the digital currency can be misused by the cybercriminals for their criminal activity. He implied this by stating at the event that, “We must not permit cybercriminals to hide behind cryptocurrencies.”

The underside of the cryptocurrency should be addressed and regulated.  Because apart from the mushrooming numbers of Coin Offerings, and with new currencies cropping up everywhere, unsuspecting investors are being attracted by promoting scams and by frequent market manipulation.

Rosenstein reportedly required that those of the members who are present at the event should be setting the standards which will work when they are applied to digital currencies.  These currencies can be abused by criminals who evade sanctions and help with terrorist financing.

The U.S. laws for anti-money laundering (AML) are meant to regulate the digital currencies.  The Financial Action Task Force has already urged all the nations to establish clear anti-money laundering standards.  This can, in turn, be applied to virtual currency products and services.

About 2,500 crypto crimes that have been executed using Ethereum and Bitcoin have been reported lately. More than 90 million worth in funds has been transacted through the crypto-intermediaries within a 2 year period.

A recent analysis states that only a narrow part of the suspected criminal behavior has been included in the reporting.  More than 46 exchanges have been used as a medium to launder funds worth $88.6 million. The law enforcement seized only under $2 million from the funds.