Tuesday, August 16, 2022

UN official says cryptocurrencies have made it challenging to fight child slavery

The Takeaway:

Head of UN cybercrime, Neil welsh believes that digital currencies are helping criminals to keep them anonymous from authorities. He said that tech companies should involve in the policymaking to combat money laundering, child slavery, and terror financing.

Top UN cybercrime official Neil Welsh in an interview to ABC said that rise of cryptocurrencies have made it challenging to fight terror financing, money laundering, and child slavery. He believes that cryptocurrencies provide an extra layer of secrecy to criminals. 

Welsh, who is the head of the United Nations Office on Drugs and Crime, also said that because of cryptocurrencies global pedophile rings successfully evade authorities and function under the radar. However, he thinks new policies by FATF can help reduce the anonymity of criminals. 

Neil Welsh asserted that people do not realize the scale of child exploitation that occurs on the internet because of cryptocurrencies. Before the digital currency came into existence, it was easier for investigators to track down ill criminals by tracking the payment mode, and now it has become very challenging. He also advised parents and children to be aware of online risk and how to prevent it. 

In the interview, Neil talked about money laundering, and there are organized groups that specialize in moving currency from one place to another. He believes that tech is part of the problem, but it is also the only way to solve these crises. He emphasized tech companies must involve in policymaking to tackle these issues. 

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Charles Carter
Charles Carter
Charles is an experienced researcher with a Master of Public Administration degree from Humber College, Canada. Apart from being fascinated about blockchain and cryptocurrencies, he loves to drive around the town in his collection of cars.

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