The conference comes months after Rob Wainwright, the agency’s director at the time, warned that around 3 to 4 per cent of £100bn in illicit proceeds in Europe were laundered through cryptocurrencies, and expressed worry that this proportion was growing “quite quickly”. Concern mounts over exploitation of nascent technology for money-launderingEU law enforcement agency holds conference for around 16 cryptocurrency exchanges, payment processors and digital wallet providers
Europol is meeting more than a dozen major cryptocurrency exchanges this week to assess ways to crack down on the use of digital assets for money laundering, as concern mounts over the criminal exploitation of the nascent technology. The EU’s law enforcement agency began a three-day conference on digital currencies and cyber crime on Tuesday with around 16 cryptocurrency exchanges, payment processors and digital wallet providers as well as authorities from a number of EU countries. A spokesperson for Europol told the Financial Times that attendees at the event in The Hague would discuss “the abuse of virtual currencies for illegal activities”, and ways to “enhance the capabilities of law enforcement”.