In a first of its kind step, the City of London Police has decided to introduce a course in cryptocurrency as a part of their Economic Crime Academy. This means the police in London are going to receive cryptocurrency training to help themselves in curbing money laundering.
The step comes as a response to increasing criticism and fear that cybercriminals are laundering money and neither fully prepare nor equipped to deal with the new age digital currency technology. Experimental trials of the course have already been rolled up. Once these pilot courses complete, the City of London Police plans to make the cryptocurrency training a nationwide initiative.
The course is designed to provide the delegate with the knowledge and skills required to manage cryptocurrencies during the investigation. The course was developed in response to feedback by the officers regarding insufficient training in the same area. The cryptocurrency training comes after warnings made by the European Union’s Law Enforcement Agency – Europal, that criminals could be laundering more than £4 billion in all forms of digital cryptos. This figure only represent around 4% of the total illicit trafficking, however.
Earlier this month, the Brazilian Federal Police arrested 12 drug gang members for conspiring to launder billions of dollars in Bitcoins from smuggling drugs into Asia, Africa, and Europe. Moreover, according to the US-based cybersecurity company, the first half of 2018 saw cryptocurrency theft increase threefold from 2017, which makes it one of the biggest growing crimes in the world.
The UK is showing an immense drive to drive out cyber theft and money laundering in such high that the City of London Corporation has even announced plans to set up a new “cyber court”, aimed at tackling cybercrime and fraud specifically.
The decision to launch the training programme does sound like a relevant one as the city is one the most important financial centers of the world. London is the Lead Force for Fraud, thus it becomes their responsibility to share the best practice to their subordinates around the British region.
Cryptocurrency crimes are not a new scene around the digital currency industry. The market has witnessed various incidents where currency worth billions and millions of dollars were stolen and transferred. Thus, it is high time that people start taking serious steps in this direction. The decision to provide cryptocurrency training to police is hence a praiseworthy and inspirational move.