INTERPOL, OTHERS MOVE TO POLICE VIRTUAL CURRENCIES

Januart 2017 may become significant not just fot the swearing in of loud mouthed Donald Trump as America's 45th president and the ECOWAS forces inauguration of an elected President for the Gambia, one of the worlds tiniest nations, but also for the first world law enforcement agencies conference on virtual currencies.(VCs).

It is an empty boast by proponents of VCs that these currencies are the "mechanism for a decentralised global currency and free market currency"

It has the potential to displace the American dollar as most accepted currency for worldwide payments and store of value and the potential to free world finance from bondage of national boundaries and the monopoly of licensed banks.

But it also poses the greatest threat to world peace yet, because it readily offers a seamless route for funding of terrorism, laundering of illegally acquired wealth and for funding of other criminal activities.
It also offers very easy ways for citizens to be schemed out of their hard earned monies.

Hence, it was very significant that for the first time, Interpol, Europol and the Basel Institute on Governance successfully hosted a three day conference on VCs and international crime notably money laundering, from January 16 to 18 this year in Doha, Qatar.

About 400 participants from 60 cointries participated and they were drawn from law enforcement agencies and the private sector.

It was hosted by Qatar's anti terrorism and money laundering committee of its Central Bank.

The aim was to fashion a unified approach across the world to curb and curtail crimes involving VCs because like Interpol's ditector of police service, Tim Morris reportedly declared:

"Digital currencies are not constrained by national regulation or borders, therefore cooperation in fighting against criminal uses transcends borders and integrate solutions from both law enforcement and the private sector"

On this score, the world's law enforcement agencies have so far responded better to VCs than world finance and national authorities charged with licensing and monitoring payment systems to ensure less risk to citizens and less money laundering.

The Doha conference was sequel to the setting up of a working group last September by Interpol, Europol and The Basel institute for governance to gather, analyse, and exchange operational jnformation; organise annual workshops and meetings and create a network of pratitioners and experts who can collectively establish best practices and provide assistance and recommendations" on the mandate of the partnership.

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