The group will investigate how terrorists use cryptocurrency to fund operations. Does digital currency help finance terrorism? While the debate rages on, Europol touts a new working group We have noticed you are using an ad blocker To continue providing news and award winning journalism, we rely on advertising revenue. To continue reading, please turn off your ad blocker or whitelist us . It has long been theorised that terror groups and cybercriminals are likely using cryptocurrencies like Bitcoin to transfer money digitally and help finance illicit operations. Now, one tripartite partnership is hoping to change that. A new project has been put in motion by a working group consisting of Europol, Interpol and the Basel Institute on Governance that will attempt to investigate and ultimately put an end to money laundering with digital currency. Why advertise with us The group will gather, analyse, and exchange information about how terrorists use cryptocurrencies while also creating an experienced network of experts who can advise law enforcement agencies and governments on how best to investigate crimes revolving around virtual cash. "There is a clear consensus that digital currencies pose a money laundering and terrorism financing threat," the group said in a joint statement . "Internet technologies become continuously more advanced, and so do the ways in which criminals utilise them for their illicit and illegal activities." The rise of groups like the Islamic State (IS) has acted like a catalyst for change when it comes to combating terror financing in the digital age. In the wake of the Paris attacks in November last year, European Union (EU) officials promised a "crackdown" on anonymous payments made online and via pre-paid cards. However, the true scope of the problem in some countries may not be as much as a concern as some speculate. […]
