4th Global Conference on Criminal Finances and Cryptocurrencies | UPSC

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: 

4th Global Conference on Criminal Finances and Cryptocurrencies | UPSC

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.

The conference is an initiative of the Working Group on Cryptocurrencies and Money Laundering established in 2016 by the three organisations.

ORGANISERS

  • Basel Institute on Governance
  • Interpol and
  • Europol

AIM

The conference was launched with an objective of strengthening knowledge, expertise and best practices for investigations into financial crimes and intelligence on virtual assets and cryptocurrencies. 

  • 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

Ransomware and sextortion case studies

  • 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

In addition, the partnership also aims to create a network of practitioners and experts in this field.

  • 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.

4th Global Conference on Criminal Finances and Cryptocurrencies

NEXT CONFERENCE

The Basel Institute on Governance will host the next edition of the conference in the second half of 2021.

  • 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

 

DISCOVER MORE : GENERAL STUDIES-III

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