The city of London is updating the coursework for the police force in the city. Part of the coursework now will be an education on cryptocurrencies to help the police better understand digital assets.
There are growing concerns about terrorism being funded through cryptocurrencies – that and the fact that it can easily be used to launder a lot of money. This needs to be dealt with.
The CityAM reported that the first of a kind educational program is being added to the coursework at the Economic Crime Academy. Concerns have been raised about a lack of knowledge in the sector. This move is a direct result of London trying to tackle this issue.
This coursework will help officers by giving them more knowledge about the digital assets. It will give them more tools to understand how cryptocurrencies are being used by criminals and to what end.
Once officers complete the course, they will know how to detect criminal uses of cryptocurrencies. That will also enable them to seize cryptocurrencies where necessary.
An initial program has already taken place earlier. Another one will take place in the August of 2018.
The officer who made the announcement said that it will be a first of a kind response. Before this, police officers had been raising concerns over a lack of training in this area.
The completion of the second program will see the coursework become available throughout the country.
Concerns About Money Laundering
London police is spearheading the UK’s National Lead Force for the Fraud division. They are also considered an authority with a good reputation internationally for enforcing law and order.
This new move shows their willingness to address global concerns about money laundering. The head of Europol, Rob Wainright has stated that 4% of global cryptocurrency transactions belong to criminals. Over $5.5 billion worth of cryptocurrencies are being utilized by criminals to launder money in the European Union alone. Having a better knowledge of the statistics will help clear any misconceptions for the London police. It will also help them make better decisions when it comes to cyber-crime involving the use of cryptocurrencies.
The January of 2018 saw the City of London Corporation make an announcement about developing a cyber court. This court in the UK jurisdiction will deal with several matters. Everything from the aspect of financial crimes, money laundering, cyber frauds to civil disputes will be in focus.