4th Global Conference on Criminal Finances and Cryptocurrencies | UPSC
Over 2,000 participants logged on for the 4th Global Conference on Criminal Finances and Cryptocurrencies.
WHY IN NEWS:
132 countries took part in the conference
SYLLABUS COVERED: GS 3: Cryptocurrency
For PRELIMS it is important to understand the objective of this conference and the significance.
For MAINS you can include such conferences if you can remember or else skip it . You can
SOURCES : INTERPOL
4TH GLOBAL CONFERENCE ON CRIMINAL FINANCES AND CRYPTOCURRENCIES
- A multi-agency and multi-disciplinary approach involving both the private and public sectors is key to tackling criminal finances especially for cryptocurrencies.
- In the recent increases there was an increase in the number and quality of investigations in the field of cryptocurrency-facilitated crime.
- Basel Institute on Governance
- Interpol and
- The conference underlined the need to expand capabilities and regulate virtual asset service providers to prevent money laundering.
- Ultimately the aims is to organise an annual global conference for a collective approach against cryptocurrency.
- This will increase the understanding, knowledge and capacity to successfully investigate crimes in which cryptocurrencies are involved.
The conference’s agenda includes
- Trends and investigations on cryptocurrency related offences
- Exploring criminal flows and operations in the dark markets
- Money laundering involving virtual assets
- The transfer of drug proceeds using cryptocurrencies.
- Over 2,000 representatives from 132 countries attended the virtual 4th Global Conference on Criminal Finances and Cryptocurrencies.
- Representatives from Judiciary, Financial Intelligence Units (FIUs), international organisations met virtually to shape international cross-sector solutions against the criminal use of cryptocurrencies.
- Law Enforcement Officers and Police Investigators
- Judicial Authorities
- Representatives from National Financial Intelligence Units (FIUs)
- Representatives from Global/Regional Anti-Money Laundering Bodies
- Private entity including VASPs, Banks,
- Legal institutes, Academia
- Experts who can collectively establish best practices and provide assistance and recommendations inside and outside the platform.
- These days investigations and investigative techniques are becoming more and more sophisticated.
- The tripartite working group’s objectives include gathering, analyzing and exchanging non-operational information on the use of virtual assets.
- Previous in-person conferences have taken place in Doha, Basel and The Hague.
- The Basel Institute on Governance looks forward to hosting the 5th Global Conference on Criminal Finances and Cryptocurrencies in 2021.
- This conference aims to increase the global community’s awareness on the importance and methods of timely response to virtual assets’ facilitated financial crimes.
SOURCES: THE HINDU | 4th Global Conference on Criminal Finances and Cryptocurrencies | UPSC