Cryptocurrencies on the Rise in Terror Financing and Corruption, EAG Chairman Warns
Cryptocurrencies are being increasingly used in financing terrorist attacks and corruption, according to Eurasian Group chairman Yuri Chikhanchin. In a workshop with the Asia Pacific Group, Chikhanchin emphasized the importance of governments adapting to combat these evolving threats by utilizing tools like AI and data mining.
Chikhanchin highlighted how criminal elements are exploiting technology, such as using Darknet and messaging apps to sell illegal goods and cryptocurrencies to launder money. The chairman stressed the need for preventative measures as the terrorist threat continues to grow and presents a significant challenge to society’s security.
He noted that financial innovation opens up new possibilities for fraud, money laundering, terrorism financing, and market manipulation, requiring governments to adopt new tools for identifying and countering such crimes. As financial monitoring advances with neural networks, artificial intelligence, and data mining, authorities are better equipped to detect anomalies in financial behavior, especially in relation to terrorism.
Chikhanchin also discussed the increasing use of automated processing of big data by supervisory and law enforcement authorities, financial intelligence units, and the private sector. This approach is vital for assessing risks and identifying financial crime patterns. As technology evolves, it becomes essential for these entities to stay ahead of the curve in combating illicit activities.
In conclusion, Chikhanchin’s remarks underscored the urgency for governments to stay vigilant and incorporate advanced tools into their financial monitoring practices to combat the misuse of cryptocurrencies in terror financing and corruption.
