Europol, INTERPOL, and the Basel Institute on Governance last week revealed plans to establish a working group on money laundering with digital currencies.

Following the terrorist attacks in Paris, there have been increasing calls in the European Union to set up a digital currency task force. According to the official release, virtual environments offer high levels of anonymity and low levels of detection removing many of the risks associated with real-world money laundering and terrorism financing activities.

Recognizing the seriousness of these threats, the three authorities have formalised the establishment of a tripartite partnership for a working group on money laundering with digital currencies.

“Europol, INTERPOL, and the Basel Institute on Governance recognise that Law Enforcement Agencies worldwide could benefit from the exchange of information and knowledge with peers from other jurisdictions. Therefore Europol, INTERPOL, and the Basel Institute on Governance established the tripartite partnership on money laundering with digital currencies”, the release stated.

The working group will aim to:

• Gather, analyse, and exchange non-operational information regarding the use of digital currencies as a means of money laundering, and the investigation and recovery of proceeds of crime stored in the same form;
   
• Organise annual workshops and meetings for the representatives of the above mentioned Law Enforcement Agencies and institutions to increase the capacity to successfully investigate crimes in which virtual currencies are involved;
   
• Create a network of practitioners and experts in this field, who can collectively establish best practices and provide assistance and recommendations inside and outside the working group.