UN Cyber Official Claims Crypto Makes It Hard To Fight Money Laundering

UN Cyber official, Neil Walsh who is a senior UN official, claims that cryptocurrencies and mainly bitcoin make the task of fighting terror financing, cybercrime and money laundering tougher than ever due to their anonymity. Let’s find out what he thinks in the latest cryptocurrency news today.

According to the UN Cyber official, the cybercrime and anti-money laundering chief at the United Nations Office on Drugs and Crime, cryptocurrencies have also made handling the global sexual exploitation network even harder. At the same time, Walsh also warned that the ‘’scale of online child sexual abuse is much bigger than most people realize.’’ He stated:

 “In the past when we looked at the really big high-threat areas like kids getting abused online it had to be paid for. And now with the use of cryptocurrencies, it’s exceptionally difficult for investigators to track that and try to manage that risk down.”

As a solution, Walsh made a proposal that the governments in the world should have to force the bitcoin and crypto exchanges to strictly observe know-your-customer (KYC) and anti-money laundering (AML) regulations in order to always be aware who is buying and who is selling crypto but also how is moving that value along. While Walsh has claimed that the cryptocurrencies made fighting child sexual exploitation online even harder than ever, there are some encouraging successes in the recent past despite his comments.

Earlier this month, the creator of the popular but also controversial Tor-based members-only website that exploited children was sentenced to more than thirty years in jail. Some of the other participants in the crypto-funded child exploitation enterprise network, were also caught and they received jail sentences but there is no information currently on the time that they will have to spend in jail. These successes show that Bitcoin should not only be made a scapegoat but that with effective law enforcement and good regulations, crimes can fall even when they are conducted with the help of cryptocurrencies. As per the reports in the coming altcoin news, the crimes involving cryptocurrencies seem to be far less interesting for the criminals as they still prefer the traditional methods.