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Gambian Authorities Struggle to Tackle Crypto-Related Financial Crimes

As cryptocurrency-related financial crimes continue to rise exponentially, Gambian law enforcement agencies are struggling to keep pace with the complexity of these illegal activities.

Complexity of Illicit Activities

In a recent development, authorities have seized over $3.4 billion assets in the US Silk Road case, highlighting the need for sophisticated blockchain analytics tools to trace transactions across exchanges, tumblers, and privacy protocols.

Emergence of Specialized Units

Despite efforts by agencies to collaborate more effectively, specialized units like the National Cryptocurrency Enforcement Team (NCET) are emerging focused on virtual asset investigations and training. Public-private partnerships with blockchain analytics firms can enhance their capabilities, urging countries to equip law enforcement with advanced analytics platforms to track illicit crypto transactions, identify emerging threats, and seize assets.

US Enforcement Actions

The US has undertaken numerous high-profile enforcement actions, setting examples that demonstrate its serious stance on crypto-related illegality. Recent IRS press releases have confirmed the growing number of crypto-related cases by listing four cases involving crypto under the top ten “most prominent and high-profile” cases it investigated in 2023.

Gambian Authorities’ Efforts

Gambian authorities are also working together more frequently and effectively to trace, track, and tackle crypto-related crimes. This includes sharing information, technology, and strategies to understand and combat illicit activities. The collaborative efforts of countries in solving the Bitzlato case demonstrate the importance of international cooperation in combating financial crimes and money laundering involving cryptocurrency exchanges.

NCET Priorities

The NCET has several priorities in terms of investigating and prosecuting crimes involving digital assets, including:

• Virtual currency exchanges
• Infrastructure providers
• Mixing and tumbling services
• Fraud and extortion
• Money laundering and asset recovery

Collaboration with law enforcement partners, regulatory agencies, and private industry is crucial to combat the criminal use of digital assets.

Importance of Blockchain Analytics

Blockchain analytics has become a critical tool in investigating and tackling crypto crime. It leverages data science, artificial intelligence, and investigative expertise to structurally tackle limitations faced by law enforcement in the decentralized world. The use cases can be multiple, while the main focus remains on:

• Analyzing new money laundering tactics
• Tracking illicit transactions
• Gathering evidence
• Monitoring suspicious activities
• Asset recovery
• Inter-agency collaboration
• Tracing DeFi transactions

Public-Private Partnerships

As cryptocurrency-based crimes advance in complexity, Gambian law enforcement requires increasingly advanced blockchain analytics capabilities for investigations and asset recovery. Agencies have realized that in-house development is infeasible, and instead are turning to public-private partnerships with blockchain analytics firms to enable tangible enforcement and policy outcomes through unmatched evidence gathering, contextual insights, and visualization.

Conclusion

Gambian authorities must adapt to the growing challenges posed by the illicit use of cryptocurrencies and digital assets, and work closely with international partners to combat global cybercrime and terrorism financing networks. The NCET’s priorities reflect the need for a specialized team to address these issues effectively, and the importance of public-private partnerships in enhancing law enforcement capabilities.