INTERPOL and crypto (Part 8) – INTERPOL and Moldova meet to tackle growing crypto-related crime

Background

We have been closely following the development of INTERPOL’s crypto expertise. For example, in one of our articles we have analysed how a “global stop-payment mechanism” devised by INTERPOL has enabled the organisation to recover the largest-ever amount of funds (specifically $42.3 million) lost in a business email compromise scam. In addition, seven individuals were arrested.

INTERPOL’s ongoing Operation HAECHI V has yielded even more impressive results.  As part of this operation, INTERPOL issued a Purple Notice to warn countries about an emerging cryptoasset fraud.

Last year, we wrote about INTERPOL issuing a Purple Notice and announcing the seizure of $400 million in virtual assets as well as the arrest of over 5,500 suspects.

We have also been tracking more case-specific developments, including the successful extradition of a Brazilian national from Switzerland to the United States to face indictment for an alleged cryptocurrency fraud scheme and an operation which resulted in charges being brought against 16 individuals.

OSCE and INTERPOL’s workshop in Moldova

INTERPOL and the Organisation for Security and Co-operation in Europe (“OSCE”) have held a workshop in Moldova, aimed at strengthening the practical skills of judges and investigators to investigate and adjudicate cases involving crypto assets.

This initiative followed from a general understanding and recognition that cryptoassets are becoming more and more prominent in transnational criminal cases involving allegations of financial crime.

The workshop featured, inter alia, a presentation from a Criminal Intelligence Officer from INTERPOL’s Financial Crime and Anti-Corruption Centre, who spoke about collaboration among law enforcement agencies to trace illicit funds involving cryptoassets.

We have previously explored specific INTERPOL measures, including the INTERPOL Purple and Silver Notices, which may be used to trace illicit funds in the form of cryptoassets:

INTERPOL and crypto (Part 3) – INTERPOL issues Purple Notice, seizes $400 million in virtual assets and arrests over 5,500 suspects

INTERPOL and crypto — developments in international enforcement

Suitability of INTERPOL

There is no doubt that crypto-related crime presents unique challenges to authorities, as the decentralised nature of cryptoassets and the gap between them and more conventional financial institutions creates significant hurdles to international policing.

Other INTERPOL members, however, may not be as quick to establish a regulatory framework, making international cooperation even more challenging.

It remains the case that given the decentralised and borderless nature of some cryptoasset transactions, an organisation with global reach like INTERPOL is very suitable for coordinating the steps required to assist in both pursuing the individuals alleged to have committed criminal offences involving crypto, and tracing any associated proceeds of crime.

As always, it is important to ensure that INTERPOL is always used in compliance with all the applicable rules and regulations.

International dimension of offences involving crypto

Using INTERPOL to pursue allegations involving cryptoassets is not unheard of.

As well as being at risk of INTERPOL measures, such as Red Notices, those who fear that allegations involving crypto have been made against them could also be at risk of extradition.

As was discussed in a previous blog entitled “Can I be extradited for allegations involving crypto?” and “Another US crypto extradition”, due to the borderless nature of crypto transactions, any allegation of criminality will inevitably involve multiple jurisdictions. As such, there may be numerous jurisdictions claiming authority and trying to extradite an alleged perpetrator to their jurisdiction to face justice. Indeed, there have now been two examples of individuals being extradited to the US in relation to allegations involving crypto.

The vast majority (if not all) of criminal allegations that form the base of a crypto-related criminal investigation are of a financial crime nature, e.g. fraud, money laundering and insider dealing. They can also include alleged offences relating to the breach of financial regulations.

These offences, by their very nature, can take place across multiple jurisdictions and are, therefore, types of offences for which multiple countries can claim authority, including in relation to conduct outside their own country (hence extradition can be an option).

Indeed, due to the borderless nature of the effects of these crimes, a country could assert jurisdiction against an individual who has not even stepped foot on its territory.

As such, jurisdictions might additionally utilise INTERPOL to locate an individual and seek their arrest prior to issuing any extradition request.

Therefore, due to the nature of this technology, and as this technology becomes more prevalent, we stand to see a large increase in the instances of INTERPOL being used to locate individuals accused of allegations involving crypto.

International crypto dimension – criminal investigations, litigation and extradition

Those who suspect they may be subject to an extradition request from the UK, or who are just concerned about liability across multiple jurisdictions including the UK, should get in touch.

Gherson’s criminal litigation, regulatory and investigatory team combine an expert knowledge of criminal and regulatory law underpinned by a firm understanding of digital assets and blockchain technology. As such, the team are able to provide expert strategic advice to anyone facing investigation in relation to any allegation of criminality involving cryptoassets. Working alongside the extradition team, Gherson’s criminal litigation, investigations and regulatory team are able to provide an unparalleled service in any case with an international dimension.  The team are also able to call upon lawyers in multiple other jurisdictions and build multi-jurisdictional teams to assist with any suitable defence.

INTERPOL, Red Notices and crypto

In addition, those who fear that a jurisdiction may have requested INTERPOL to process data relating to them for any allegations of offences involving crypto, or are just concerned about potential liability, should get in contact.

Gherson Solicitors continue to receive requests for expert advice and assistance from those who suspect they may have outstanding financial issues which may engage INTERPOL. That advice tackles:

1. How best to approach a possible INTERPOL red notice;
2. Preparing for potential criminal proceedings / an extradition request;
3. Preparing for a situation where a civil matter or commercial dispute could be used to initiate bogus criminal proceedings; and
4. 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 may suspect that they may be subject to INTERPOL measures (including a Blue and a Red Notice):

• What is INTERPOL’s Silver Notice?
• INTERPOL UPDATE – India charges 8 people in first Interpol Silver Notice Case
• What is an INTERPOL Yellow Notice?
• What is an INTERPOL-United Nations Security Council Special Notice?
• What is an INTERPOL Purple Notice?
• What is an INTERPOL Green Notice and can it be challenged?
• What is an INTERPOL Orange Notice and can it be challenged?
• What is the purpose of an INTERPOL Blue Notice, and can it be challenged?
• What is an INTERPOL Blue 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?

Gherson have over 36 years of experience in assisting with all aspects of INTERPOL, Red Notice challenges and extradition. We have unparalleled expertise in managing asylum and extradition requests in tandem. If you would like to speak to us in respect of any of the issues raised in this blog or about your specific circumstances,  do not hesitate to contact us for advice, send us an e-mail, or alternatively, follow us on X, 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.

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