UN Official: Crypto Makes Policing Child Trafficking ‘Exceptionally Difficult’

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A top United Nations (UN) official said cryptocurrencies are making international efforts to combat terrorist financing, money laundering and cyber-crime “exceptionally difficult.”

Neil Walsh, chief of the Cybercrime and Anti-Money Laundering arm of the UN’s Office on Drugs and Crime, said that the anonymizing and pseudo-anonymizing attributes of cryptocurrencies provide a “new layer of secrecy that favors the criminals,” when speaking to the Australian Broadcasting Corporation’s Linda Mottram.

Specifically, Walsh raised concerns about the role cryptocurrencies play in the clandestine child trafficking industry.

“In the past, when we looked at some of the really big high-threat areas like kids getting abused online, it had to be paid for and now, with the use of cryptocurrencies, it’s exceptionally difficult for investigators to track that and try and manage that risk down,” Walsh said.

Read the original article here: finance.yahoo.com


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