As financial crime grows increasingly sophisticated, more countries are adopting Interpol’s I-GRIP tool to intercept suspicious payments across borders. This article explores how this tool is enabling nations to collaborate more effectively and strengthen their defences against global fraud.
Earlier in the year, Gherson’s Financial Crime team wrote a blog regarding INTERPOL’s “global stop-payment mechanism” which enabled it to recover the largest-ever amount of funds following a business email compromise scam.
Interpol’s Advanced I-GRIP System Strengthens Global Financial Crime Prevention
Interpol is stepping up its efforts against cross-border financial crime with the Global Rapid Intervention of Payments (I-GRIP) system, a powerful tool launched in 2022 to intercept suspicious transactions in real time. Sungyong Kang, Criminal Intelligence Officer at Interpol, shared at Sibos that I-GRIP is seeing rising demand from countries like Australia, Canada, Japan, Korea and Spain. As more nations adopt this technology, its capacity to stop fraudulent payments across borders is quickly becoming indispensable.
I-GRIP: Advanced Technology Empowering Law Enforcement
I-GRIP allows law enforcement in the victim’s country to halt suspicious payments, but Kang highlighted that widespread awareness is essential. “The police in the country where the victim resides need to initiate the request,” he explained, urging member countries to ensure their law enforcement is informed and ready to utilize I-GRIP to its full potential.
Global Collaboration and Technology Drive Success
Countries like India are also stepping up their technology-driven crime prevention efforts. Nitin Chugh of the State Bank of India discussed India’s financial cyber fraud reporting system, which, like I-GRIP, enhances data-sharing and collaboration across agencies to strengthen crime-fighting measures.
Digital Twin Technology Enhances I-GRIP’s Effectiveness
Interpol is working with companies like Merlynn, which specialises in “digital twin” technology. This innovation creates digital replicas of experts, allowing financial institutions to clear transaction alerts faster and more accurately. According to Merlynn’s CEO, Carl Wocke, these digital twins help fill gaps where human expertise is stretched thin, supporting I-GRIP in intercepting potential threats with greater efficiency.
The Future of Financial Crime Prevention
As I-GRIP’s capabilities grow, so does its role in international financial security. Kang emphasised the need for financial institutions to designate contacts for handling I-GRIP requests swiftly, ensuring a seamless response to potential threats. With these technologies and partnerships, Interpol’s I-GRIP system is advancing rapidly, promising stronger protection against global financial crime.
International crypto dimension – criminal investigations, litigation and extradition
Those who fear 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 white-collar crime and regulatory team combine an expert knowledge of criminal and regulatory law underpinned with a firm understanding of digital assets and blockchain technology. As such, the team is 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 white-collar crime and regulatory team is able to provide an unparalleled service in any case with an international dimension. The team is 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 involving any allegations of offences involving crypto, or are just concerned about potential liability, should get in contact.
Gherson’s white-collar crime and regulatory team continue to receive requests for expert advice and assistance from those who fear they may have outstanding financial issues. 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
- Exploring a potential civil litigation proceeding 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,
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
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 2024