4th Global Conference on Criminal Finances and Cryptocurrencies | UPSC
HEADLINES:
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
LEARNING:
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
CONTEXT:
SOURCES : INTERPOL
4TH GLOBAL CONFERENCE ON CRIMINAL FINANCES AND CRYPTOCURRENCIES
OVERVIEW
- 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.
ORGANISERS
- Basel Institute on Governance
- Interpol and
- Europol
AIM
- 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.
AGENDA
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.
PARTICIPANTS
- 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.
TARGET AUDIENCE
- 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
SIGNIFICANCE
- 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.
NEXT CONFERENCE
- 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.
IASbhai WINDUP:
- 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
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