The 4th Global Conference on Criminal Finances and Cryptocurrencies organised by Interpol (also known as International Criminal Police Organization), Europol (European Union Agency for Law Enforcement Cooperation) & Basel Institute on Governance (Switzerland) took place virtually from November 18-19, 2020.
Around 2, 000 representatives from 132 countries attended the Virtual Conference. Interpol hosted the 4th Global Conference on Criminal Finances and Cryptocurrencies conference. Basel Institute on Governance will host the 5th Global Conference on Criminal Finances and Cryptocurrencies in 2021.
Background:
i.The Conference was launched in 2016 by Interpol, Europol & Basel Institute on Governance.
ii.It was an initiative of the Working Group on Cryptocurrencies and Money Laundering.
Objective:
To strengthen the knowledge, expertise and enable sharing of best practices for investigations into financial crime and intelligence on virtual assets and cryptocurrencies.
Highlights:
i.The conference highlighted the need for countries to exchange tactical information and best practices to ensure that lessons learnt by one entity can be useful to another entity.
ii.It underlined the need to expand capabilities on ways to investigate virtual assets and regulate virtual asset service providers to prevent money laundering.
7 Key recommendations:
- Adopt tools to extend capabilities on how to investigate Virtual Assets.
- Apply rules to regulate Virtual Asset Service Providers to prevent money laundering.
- Apply the strategy to “Follow the Money”.
- Strengthen international cooperation.
- Adopt a multidisciplinary approach.
- Promote new technologies applied to the financial investigation on Virtual Assets.
- Adapt investigation strategies.
Agendas discussed in the conference:
i.Agendas discussed in the Conference are – Cryptocurrency related offences, exploring criminal flows and operations in the dark markets, ransomware, sextortion case studies, money laundering involving virtual assets and transfer or drug proceeds using cryptocurrencies.
ii.The participants emphasized on establishing a regulatory framework to prevent money laundering, adopting ‘follow the money’ strategy against criminal proceeds, and strengthening information exchange to dismantle criminal networks.
About Interpol:
President – Kim Jong Yang (South Korea)
Headquarters – Lyon, France
About Europol:
Executive Director – Catherine De Bolle
Headquarters – The Hague, Netherlands
About Basel Institute on Governance:
Managing Director – Gretta Fenner
Headquarters – Basel, Switzerland
