Global alliance strengthens response to crypto crime

Global experts are stepping up efforts to combat the misuse of cryptocurrencies as criminal networks become increasingly sophisticated.

The 9th Global Conference on Criminal Finances and Cryptoassets was held in Vienna and co-organised by Europol, the UNODC and the Basel Institute on Governance. The event brought together over 250 participants and 1,000 online attendees to discuss how to strengthen the global response.

Delegates emphasised the need for unified standards, stronger cooperation and greater investment in training to tackle the evolving threats posed by crypto-enabled crime.

Speakers warned that blockchain misuse has expanded beyond scams to include terrorism financing, sanctions evasion and organised money laundering. Europol’s Burkhard Mühl said tackling these complex crimes needs greater innovation and collaboration.

Advanced tracing tools and successful cross-border operations demonstrate progress, yet significant legislative and capacity gaps remain.

Participants urged harmonised standards and quicker information sharing between financial institutions and virtual asset providers. The Wolfsberg Group noted that private sector collaboration is as vital as public partnerships in disrupting illicit crypto activity.

Building capacity through hands-on training and peer learning was also identified as a priority. According to Elizabeth Andersen of the Basel Institute, equipping agencies with the skills to trace and recover illicit assets can transform how nations respond to crypto-related crime.

Experts agreed that continued dialogue, shared expertise and consistent standards are key to ensuring innovation in blockchain benefits society rather than enabling criminal networks.

Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!