Crime is gradually taking effect on cryptocurrency, and staying ahead of it is the main focus in a global policing conference this week. The meeting was conducted in Brisbane.
In the last 10 years, over 200 law enforcement representatives from different places around the globe attended the National Proceeds of Crime Conference.
Justine Gough, a federal police acting as an assistant officer from Australia, stated that the regulating landscape has changed in the previous decades. Se also said that global agencies compared notes regarding matching the efforts of techy criminals.
According to Gough, there were a lot of changes when it comes to technological advances since 2009. Some of the changes include the dark web, the usage of social media, and cryptocurrency.
Delegates from the conference presented different challenges to law enforcement when it comes to tracing and identifying unlawful assets.
Gough mentioned that cryptocurrency altered the landscape of illegal enterprise. These changes made it laid-back for criminals to transfer a tremendous amount of money among authorities.
Cryptocurrencies are easily traded through blockchain technology, and governments don’t control these. Also, there are records on every movement to prevent digital counterfeiting.
The assistant commissioner, Gough, stated that law enforcement organizations could get something from the experienced shared about cryptocurrencies. Hence, these agencies could have better ideas on how to successfully stop criminals from stealing.
As per Gough, the conference lets them talk about encountered cases. It also includes the difficulties they were facing. Moreover, they can discuss the technology that criminals also utilize. The discussion lets them share leverage knowledge and skills.
In the past 10 years, the Criminal Asset Confiscation Taskforce held $435 million in illegal profits. Some of these proceeds were in the form of different cryptocurrencies.
Gough shared an effective way of removing the illegal derived wealth, and it’s by disrupting organized systems and crime syndicates through the confiscation of money.
AFP officers close two digital currency exchange companies managed by a Melbourne man. This man was allegedly importing drugs by using cryptocurrency.
Taskforce seized funds, and these resources are utilized for different purposes. One is backing a continuing wastewater monitoring program.
According to Gough, they are hoping to not wait for 10 years since the criminal technology’s progression rate is getting quicker. She shared that continuous attention is needed from law enforcement agencies around the globe since technology is swiftly developing.
Gough summarized that the conference was about learning existing technologies. Also, it was about learning practical ways by law enforcement organizations when it comes to dealing with these technologies.