US Department of Justice dreams of international cooperation in the fight against cryptocrime

The Department of Justice calls for international cooperation to effectively combat crypto-crime.

A new report from the US Department of Justice (DOJ) calls for increased international cooperation to counter the criminal use of digital assets. Recommendations include helping foreign nations develop the infrastructure needed to investigate cybercrime, secure and reliable information sharing, and standardize international rules.

Ministry of Justice calls for international cooperation

Entitled How to Strengthen International Law Enforcement Cooperation to Detect, Investigate, and Prosecute Digital Asset Criminal Activity, this 58-page report was written in collaboration with the State Department, Treasury Department, Department of Homeland Security (DHS), Department of Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

While acknowledging that “the United States supports the responsible use and development of digital assets,” the report explains that this “pseudonymity” makes cryptocurrencies very attractive for money laundering, ransomware, terrorism, fraud, and other ways to evade various sanctions. The Justice Department also warns that criminals are already targeting clients and individuals around the world, taking advantage of information asymmetries and anonymity technologies.

be able to effectively fight crypto-crime

“Uneven and often inadequate regulation allows criminals to expose the United States and international financial systems to the risks of jurisdictions where existing standards and laws are less reliable.”

Therefore, the Ministry of Justice calls for international cooperation to effectively combat the illegal use of cryptocurrencies. To do this, the Department of Justice would like to be able to help other countries build the infrastructure to “conduct the complex and highly specialized investigations required in this area”, define “reliable”information sharing, and implement international standards to reduce the scope for jurisdictional arbitration.