Cryptocurrency training for London cops to tackle crypto crimes
The police in the city of London will get trained in cryptocurrency to tackle money laundering. According to an earlier news by Business Insider, European criminals are laundering around $5.5 billion (£4 billion) worth of money using cryptocurrencies. According to Robin Wainwright, European criminals are funnelling around 4% of all criminal proceeds via currencies like Bitcoin. The Director of Europol estimates that this figure will increase substantially.
The City of London Police has confirmed that their Economic Crime Academy will include a course in cryptocurrency. This is not the first time that a cryptocurrency course has been introduced in London. Earlier this month, the London School of Economics introduced a cryptocurrency course called an online course entitled “Cryptocurrency Investment and Disruption.” The course by the institute, which has educated the heads of state and Nobel laureates, costs £1800.
A spokesperson spoke about the move to educate the London cops on cryptocurrency and called it a “first of its kind.” He said that the course was introduced in response to the officers’ concern. According to them, they aren’t adequately prepared to deal with new digital currency technology. The spokesperson said,
“It is designed to provide delegates with the skills and knowledge required to recognise and manage cryptocurrencies in an investigation. On successful completion of this course, participants will understand how to detect, seize and investigate the use of cryptocurrencies in an investigative context. It will be the first of its kind and has been developed in response to feedback from police officers nationally who felt there wasn’t enough training in the area.”
They have already rolled out a pilot of the course and another is set to begin in August. The City of London Police is planning to introduce cryptocurrency training across the nation, this autumn. This will be done after the completion of the pilot programmes.
Cryptocurrency-related crime on the rise worldwide
This move by the London Police is a welcome one which every country should emulate. The main reason being that Europe isn’t the only continent being targeted, crypto crimes are on the rise worldwide. Earlier this month, 12 members of a drug gang were arrested by the Brazilian Federal Police. The convicts had conspired to launder millions of dollars in Bitcoin by smuggling drugs into Africa, Asia, and Europe.
A U.S-based cyber-security company called CipherTrace has estimated that cryptocurrency exchange theft has increased threefold since 2017. And these estimates are just for first half of 2018! According to them, crypto-related crimes are becoming one of the fastest-growing crimes this year.
Image via Belfast Telegraph
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