Cross-border crypto scammers are in the crosshairs of European EU agencies / Union law enforcement agencies. In order to crack down on plutocrat money laundering and fraud, Eurojust, the EU’s judicial cooperation body, is working with law enforcement authorities in Romania, the Netherlands, and the United Kingdom.
The move follows a case in which a Romanian company lost further than€ 8 million to a sophisticated business dispatch concession (BEC) fiddle. The case, which dates back to 2019, involved the use of cryptocurrency to move finances across borders without discovery, according to Eurojust.
The agency said the disquisition uncovered a “ complex web of companies, interposers, and banks ” that were used to grease the scheme. Eurojust also said that the disquisition uncovered a “ sophisticated and systematized felonious network ” that used cryptocurrency to facilitate plutocrat laundering and fraud.
Crypto Scammers vs EU Agencies 2023
The case highlights the need for better cooperation between law enforcement agencies to attack cross-border swindles, Eurojust said. The agency also advised that scammers are decreasingly impersonating Europol officers in order to defraud victims.
In response to the case, Eurojust called on law enforcement EU agencies to increase their efforts to attack cross-border swindles. The agency said it’s working with law enforcement authorities to develop an effective response to the problem.
Cryptocurrencies are decreasingly being used to grease plutocrat laundering and fraud, and the EU is taking way to regulate the cryptocurrency space. The European Commission has proposed a regulation on requests in Crypto means (MICA) to cover investors and consumers.
The proposed regulation aims to address the lack of consumer protection and translucency in the crypto space. It’ll also introduce norms for cryptocurrency exchanges, including conditions for client due diligence and anti-money laundering measures.
Overall, the EU agencies are taking steps to crack down on cross-border crypto scammers. With increased cooperation between law enforcement agencies, the EU agencies are hoping to make the cryptocurrency space safer for investors and consumers.