Speaking on Australian television, the head of the UN Department for combating cybercrime and money laundering Neal Walsh said that the anonymity of cryptocurrencies greatly complicates the fight against illegal activities.
Walsh pointed out that this feature of cryptocurrency into the hands of criminals who are engaged in terrorism financing, sexual exploitation of children, money laundering and other illegal activities.
“Cryptocurrency impede investigations on important matters, although in the past the monitoring of these actions was easier [this was done by examining Bank transfers],” said Walsh.
Walsh said that his Department will take any help from crypto-experts and Group of development of financial measures of struggle against money-laundering (FATF) to deal with this “global epidemic”.
In addition, he noted that the crypto currency exchange could help combat this anonymity, if strictly adhered to KYC procedures, thereby facilitating the tracking of transactions.
Not so long ago, independent experts, the UN has established the involvement of North Korea to multiple cyber attacks to steal approximately $2 billion of bitcoin exchanges and banks. Their report also said that the anonymous nature of cryptocurrency allows impunity to make an attack on the crypto currency exchange.
According to Walsh, the government of Australia has an active material support of the UN Department for combating cybercrime and money laundering, while the funds go to equipment and world law enforcement agencies to fight cybercrime.