ICE and Europol host law enforcement and private industry to discuss virtual currencies
THE HAGUE – Officials from more than 25 countries gathered June 18-19 to discuss the use of virtual currencies by criminal organizations to complete illicit transactions and launder ill-gotten gains. The event was co-hosted by U.S. Immigration and Custom Enforcement’s Homeland Security Investigations (HSI) and Europol’s Cybercrime Center.
Participants included law enforcement officials specializing in cybercrime, asset recovery and money laundering, members of the virtual currency industry, the financial sector and academia. As law enforcement continues to investigate these crimes, cooperation across sectors is considered critical to the success of investigations and the legitimate uses for virtual currencies.
For those uninitiated in the world of virtual currencies and their role in criminal networks, the training hosted an introductory course, with a focus on the incorporation of virtual currencies into criminal business models. Whether in cases of extortion, child exploitation, drugs or weapon smuggling, these currencies provide criminals with anonymized methods to launder and redeem the proceeds of these illicit activities. The course also discussed the emerging need for the alignment of legal frameworks around the world to prevent safe havens for criminal finance.
“Virtual currencies have tremendous potential for societal benefit, from providing banking to underserved areas to lowering consumer costs in transactions,” said Erik Barnett, HSI’s Attaché to the European Union. “But, like every new technology, virtual currencies have already been exploited by transnational criminals to launder proceeds from peddling drugs online or selling images of sexually abused children. International law enforcement is showing we are up to the challenge to confront this threat and will work together across borders to defeat the criminal networks.”
Many experts were on hand to share their experiences in investigations like Silk Road 1 and 2 and Liberty Reserve. In addition to HSI, officials from the Federal Bureau of Investigation, Internal Revenue Service, Financial Crimes Enforcement Network, and the Department of Justice were in attendance and shared their expertise with participants.
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