The International Criminal Police Organization intends to create a special branch to increase its vigilance against crimes involving cryptocurrencies according to reports.
Interpol, the largest international police organization, has established a dedicated squad in Singapore to assist nations in battling crimes utilizing virtual assets according to a report by the Indian news outlet Business Standard on October 17.
Law enforcement organizations “very often” lack the knowledge or tools necessary to investigate crypto crimes according to Interpol Secretary General Jürgen Stock.
Interpol made the news during a press conference in advance of its 90th general assembly, which will be attended by prominent police officers from its 195 members from October 18 to October 21.
Jürgen Stock, the secretary general of Interpol, asserts that the absence of a regulatory framework for cryptocurrencies like Bitcoin and Ether presents significant difficulties for law enforcement organizations.
Because “very often, agencies are not properly trained and properly equipped,” Stock reportedly said, to confront cryptocurrency crimes at first.
Stock also noted that the key topics on the agenda for Interpol’s general assembly in India will be cryptocurrencies and cybercrime.
The special director of India’s Central Bureau of Investigations, Praveen Sinha, reaffirmed that it has become more challenging to keep track of cybercrime. He also emphasized Interpol’s contribution to building and fostering improved international police cooperation.
“The only answer is international cooperation, coordination, trust, and real-time sharing of information,” Sinha said.
The information was released shortly after Interpol in September sent a “red notice” to international law enforcement for the detention of Terraform Labs co-founder Do Kwon. Prior to the collapse of the Terra ecosystem in May 2022, South Korean prosecutors in Seoul requested that Interpol send Do Kwon’s “red alert” to all 195 of the organization’s member states.
The most recent initiatives by Interpol to better track cryptocurrency crimes are not the first attempts by the organization to acquire more knowledge in the field. Since at least 2015, Interpol has been working to increase its knowledge of bitcoin transactions and recognize criminal behavior in the darknet.