Singapore has established task forces to tackle rising crypto crimes and other illicit activities in the field of technology.
Technology has been evolving swiftly, and massive developments have been made with computers, the internet, smartphones, social media, cryptocurrency, and now artificial intelligence (AI).
However, a normal citizen might not be up-to-date with technological advancements. Hence, criminals have been taking advantage of the sophistication of the technology to conduct their illicit activities.
Singapore Crypto Task Force Will Track and Seize Assets
According to Zaobao, Singapore has established two task forces and deployed 20 prosecutors to take down crypto and technology crime.
The cryptocurrency task force aims to help authorities track and seize crypto assets. Whereas the technology crime task force is focused on computer or technology-assisted crime.
Read more: Crypto Social Media Scams: How to Stay Safe.
Wang Shouren, the Deputy Chief Prosecutor of the Attorney-General’s Chambers, also highlighted the importance of cross-border collaboration to tackle crypto and technology crime. He said:
“When criminals commit crimes across borders, law enforcement agencies should also be able to cooperate across borders.”
Besides Singapore, India is developing a Cryptocurrency Intelligence and Analysis Tool (CIAT) to deal with high-profile crypto fraud and theft cases.
And in the UK, the National Crime Agency (NCA) launched a specialized unit to tackle crypto crimes earlier this year. In August, BeInCrypto reported that the UK NCA was hiring for senior roles at its Digital Assets Team.
Indeed, dedicated task forces are becoming increasingly necessary to deal with complex crypto crimes. The screenshot below from Chainalysis shows that illicit addresses received over $20 billion worth of cryptocurrency in 2022.
Read more: Who Is ZachXBT, the Crypto Sleuth Exposing Scams?
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Source: https://beincrypto.com/singapore-launch-crypto-task-force/