In an effort to tackle money laundering through virtual currencies like bitcoin, two prominent law enforcement agencies – Europol and Interpol have announced the establishment of a working group.
An announcement from late last week has confirmed the establishment of a new working group looking into money laundering with digital currencies.
The group is established through a tripartite partnership between Europol – the criminal intelligence agency of the European Union; INTERPOL, a prominent intergovernmental organization that facilitates international police cooperation and; the Basel Institute on Governance, an independent and non-profit think tank.
Noting that digital currencies are “already transforming the criminal underworld”, a press release by Europol stated:
There is a clear consensus that digital currencies pose a money laundering and terrorism financing threat.
The consensus comes despite a report from a Europol report from January 2016 that there was no confirmed evidence of bitcoin or other digital currencies used to finance terrorists’ activities.
So too, did a March 2015 report [PDF] from Her Majesty’s Treasury Department of the UK, that claimed “little evidence” to indicate that digital currencies