A 72-page long report recently published by Europol has clarified that it is conventional banking which is the primary source of terrorist funding such as the recent attacks on European cities.
The report explains that such outrages are financed through cash as it is a tried and tested form of funding. Finding an alternative source, such as cryptocurrencies like Bitcoin, which publicly log transactions, is of little interest to terrorist cells operating in Europe, according to the findings.
Europol based in The Hague, the Netherlands, supports the 28 EU Member States in their fight against terrorism, cybercrime and other serious and organized forms of crime. They also work with many non-EU partner states and international organizations.
Also, in line with the findings of the report, in the US last week, a senior member of the Foundation for Defence of Democracies Centre on Sanctions and Illicit Finance spoke out against anti-crypto rhetoric, particularly those aimed at the financing of militant jihad.
A senior member of the center, Yaya Fanusie maintained that despite continual references by governments around the world that cryptocurrency finances terrorist activity, terrorist networks have been mainly unsuccessful in using cryptocurrency to fund their activities. The Europol report agreed, stating:
“…despite the clear potential, none of the attacks carried out on European soil appear to have been funded via cryptocurrencies. The use of cryptocurrencies by terrorist groups has only involved low-level transactions – their main funding still stems from conventional banking and money remittance services.”
It is undeniable that just like cash, cryptocurrencies are on the radar of criminals but the use of Bitcoin in criminal activity has dropped to 35% of the market share from a peak of 80% when the flagship digital currency was its infancy. It is now known that criminals are more likely to use Zcash and Monero across the globe than Bitcoin. The report clarifies that:
“While the criminal abuse of cryptocurrencies remains largely within the realm of cybercrime, some Member States reported that they are increasingly encountering their use by non-cyber [organized crime groups].”
The report concludes that law enforcement information sharing and tighter security measures are the best weapons cybersecurity has against cyber-attacks.
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