Europol Calls for Increased Law Enforcement against Digital Money Laundering

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Europol Calls for Increased Law Enforcement against Digital Money Laundering

ForexMinute.com – Europol, the European Union’s law enforcement agency that mostly supervises the continent’s criminal intelligence, have urged legislators to take bold steps against digital currency laundering.

The head of the organization, Rob Wainwright, told media about the current lapses in law that is inefficient in tackling the rising money laundering issues, mostly in digital currencies. The man asked for an increased police power over such cases to identify and locate the anonymous criminal operation via the internet.

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“We’re seeing that virtual currencies are being used as an instrument to facilitate crime, particularly in regard to the laundering of illicit profits,” said Wainwright while speaking at the Nuclear Security Conference on Monday in The Hague.

Voices against digital currencies have also been raised earlier but only few of them were transformed into actions. Last year in October, US authorities had shut downed an underground marketplace Silk Road over the suspicion of facilitating drug trafficking, computer hacking and money laundering. The use of Bitcoins in these transactions was heavily publicized back then. In December, Indian authorities had raided Bitcoin entrepreneurs and traders on the ground of current foreign exchange laws in the country.

Although both the aforementioned democracies were unable to come up with a definite law that could trace money laundering conducted via digital money.

Europol is though concerned for those 28 countries that comes under the umbrella of the European Union. Although it has no policy making powers, but its role to coordinate policing and cross border investigations is inevitable. It is one of the reasons why Europol’s head Rob Wainwright has spoken against digital currencies and requested for a better law enforcement.

“Criminals are abusing those freedoms and damaging society and threatening the security of millions,” he presents his concerns.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com