INTERPOL has also announced the creation of an Expert Group on the Metaverse. This is in light of INTERPOL research showing that crime has increasingly moved online.
On 24 October 2022, Gherson’s criminal litigation, investigations and regulation team wrote about how INTERPOL had developed a specialist cryptoasset team to coordinate globally against digital asset crime.
Furthering the theme of keeping track with technological developments and all things digital, INTERPOL has also announced the unveiling of the first ever Metaverse specifically designed for law enforcement worldwide.
As technology breaks down the barriers and crime increasingly moves online as we move into a more-digital world law enforcement will need to keep up. An organisation with expansive reach and connections such as INTERPOL is well geared to face the changes in crime bought about by technological developments.
Could this in the future mean countries are utilising INTERPOL to pursue people in the Metaverse? If so there will as always be a need to ensure compliance with all applicable rules and regulations. Indeed, there might even be a need for an update to rules and regulations.
INTERPOL and the Metaverse
The report ponders how law enforcement can enhance their awareness of threats but also harness opportunities as the boundaries of our physical world move into a digital borderless world.
Indeed INTERPOL note how criminals are already starting to exploit the Metaverse and that as the use of technology grows crimes such as money laundering, financial fraud and counterfeiting will undoubtable increase.
As Madan Oberoi, INTERPOL’s Executive Director of Technology and Innovation observes “By identifying these risks from the outset, we can work with stakeholders to shape the necessary governance frameworks and cut off future criminal markets before they are fully formed”.
What are the benefits to INTERPOL of experiencing the Metaverse?
INTERPOL notes that the Metaverse brings benefits to law enforcement for remote working, networking, collecting and preserving evidence and delivering training.
The report concludes that “The Metaverse has the potential to transform every aspect of our daily lives with enormous implications for law enforcement….in order for police to understand the Metaverse, we need to experience it”
Suitability of INTERPOL
We have previously discussed how given the decentralised and borderless nature of some cryptoasset transactions, an organisation with global reach like INTERPOL would lend itself very well to assist coordinating the steps required to assist both pursuing individuals alleged to have been involved with criminal offences involving crypto, and also tracing any associated proceeds of crime.
Indeed, as technological advancements increase and crime moves into the Metaverse INTERPOL is sensibly ensuring that it is prepared to face the new challenges that will arise.
As Jurgen Stock, INTERPOL’s Secretary General noted “Huge developments in technology, internet of everything and digitalization – because of cryptocurrency – pose a challenge to law enforcement, because, very often, they (agencies) are not properly trained and properly equipped from the beginning”.
Compared to the Metaverse, crypto is just the tip of the ice burg.
As always, there would be a need to ensure that INTERPOL was always used in compliance with all its applicable rules and regulations. The applicability of these rules and regulations as we enter a virtual world will need to be kept carefully under review.
INTERPOL, Red Notices, crypto and now the Metaverse
Those who fear that a jurisdiction may have requested INTERPOL to process data relating to them involving any allegations of offences involving crypto or even in the Metaverse!, or are just concerned about potential liability, should get in contact.
Indeed, Gherson Solicitors continue to receive requests for expert advice and assistance from those who fear they may have outstanding financial issues arising. That advice tackles:
- How to best approach a possible INTERPOL red notice;
- Preparing for potential criminal proceedings / an extradition request;
- Preparing for a situation where a civil matter or commercial dispute could be used to initiate bogus criminal proceedings; and
- Even exploring the possibility of instigating civil litigation proceedings to recover any misappropriated assets.
Gherson have previously written a series of blogs designed to assist those who fear they might be subject to INTERPOL measures (including a Red Notice):
INTERPOL and Red Notice Challenges
How to Remove an INTERPOL Red Notice
INTERPOL Red Notices and Extradition
How do I know if I am subject to an INTERPOL Red Notice
Regulation and compliance
In these constantly changing times, firms that deal with cryptoassets, and additionally have exposure to firms that do, will need to carefully consider all their systems and controls to ensure that they are able to comply with all relevant AML and sanctions regulations.
How Gherson can assist
Gherson’s white-collar crime and regulatory team are able to provide advice and assistance with AML and sanctions compliance, including in situations involving cryptoassets.
Additionally, the team has recently started a series on the regulation of crypto, with the aim of advising those who work in the compliance of this sector. In addition, for those who would like advice on relevant issues, including those who have had issues with the FCA registration process, our specialist regulatory and compliance team can guide individuals and companies through the process.
Please do not hesitate to contact us for further advice, send us an e-mail, or, alternatively, follow us on Twitter, Facebook, or LinkedIn to stay up-to-date.
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please do not hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.
©Gherson 2022