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London Police to get Crypto Currency Training

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In an attempt to tackle money laundering, police in London are to get cryptocurrency training. Hailed as a “first of its kind”, the City of London Police have confirmed they are to introduce a course in cryptocurrency as part of their Economic Crime Academy.

The move is in response to an escalating fear that cryptocurrency is creating opportunities for cybercriminals to launder money and criticism and concern that police officers are not sufficiently prepared to deal with new digital currency technology.

Preparing police offer to tackle crypto-crime
A pilot of the course has already been rolled out, with another due to begin in August. Once the pilot courses have been completed, the City of London Police plans to make the cryptocurrency training nationwide in the autumn.

A spokesperson for the City of London Police, spoke of the growing importance for officers to get cryptocurrency training.

“It is designed to provide delegates with the skills and knowledge required to recognise and manage cryptocurrencies in an investigation.

On successful completion of this course, participants will understand how to detect, seize and investigate the use of cryptocurrencies in an investigative context.

It will be the first of its kind and has been developed in response to feedback from police officers nationally who felt there wasn’t enough training in the area,” said the spokesperson.

The police cryptocurrency training comes in the wake of warnings made by Europol that criminals could be laundering as much as £4 billion in Europe through Bitcoin and other cryptocurrencies.

Cryptocurrency crime on the rise around the world
Though it’s not just Europe where criminals are using Bitcoin to launder money. The fight against cryptocurrency crime is worldwide. Earlier this month, the Brazilian Federal Police arrested 12 drug gang members for conspiring to launder millions of dollars in bitcoin from smuggling drugs into Africa, Asia, and Europe.

According to CipherTrace, a U.S.-based cyber-security company, in the first half of 2018, cryptocurrency exchange theft increased threefold from 2017, becoming one of the fastest-growing crimes this year.

Such is the U.K.’s drive to stamp out cybercrime that the City of London Corporation recently announced plans to develop a new “cyber court”, aimed at tackling cybercrime and fraud specifically.
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