Interpol Singapore Unit to Help Countries Combat Crypto Crime

Interpol Singapore Unit to Help Countries Combat Crypto Crime

Interpol has established a special unit in Singapore to help governments across the globe in the fight against crimes involving virtual assets. The international police organization announced it ahead of its general assembly in New Delhi, India. The agenda of the meeting will focus on crypto and cybercrime.

Interpol Sets Up Dedicated Unit to Fight Crypto Crimes

Interpol Secretary-General Jürgen Stock who arrived in New Delhi for Interpol’s 90th General Assembly, which starts on Tuesday and will continue until Oct. 21, was quoted by the Indian media that cryptocurrencies like bitcoin pose challenges to law enforcement agencies, especially in the absence of a legal framework.

During a press conference on Monday, the head of the International Criminal Police Organization (ICPO) also said that cryptocurrencies are emerging as a major threat across the globe. Stock also revealed that Interpol has formed a team in Singapore, which is home to its Global Complex for Innovation. The Singapore unit will help countries combat crimes committed using crypto assets.

Cryptocurrency and cybercrime will be the main agenda of the gathering as the 195 members of the body seek to improve cooperation in the field. "Huge developments in technology, the internet of everything, and digitalization—because of cryptocurrency—pose a challenge," Stock elaborated.

The German pointed out that quite often, law enforcement agencies are not properly trained and equipped, as quoted by the Spanish news agency EFE. He also indicated that a large number of assets generated by criminal activities are being laundered through cryptocurrency.

Praveen Sinha, special director of the Central Bureau of Investigations, noted that it's becoming increasingly difficult to decipher cybercrime. "The only answer is international cooperation, coordination, trust, and real-time sharing of information."

Both officials highlighted the important role of Interpol in improving global police cooperation. Jürgen Stock further detailed that its members intend to explore the future of policing in an increasingly digitalized world, given the task of finalizing the organization’s 2030 vision.

The statements come after last month's European Union Agency for Law Enforcement Cooperation (Europol) acknowledged that the growing use of cryptocurrencies across borders and industries comes with increasing abuse. Europe’s law enforcement agency also indicated it is seeking to employ blockchain tools to investigate organized crime and money laundering.