US, Nigeria Team Up to Combat Crypto Crime
A Bilateral Liaison Group has been established between the US and Nigeria to combat illicit funding and crimes involving cryptocurrencies.
The nations will receive assistance from the Bilateral Liaison Group in enhancing their capacity to investigate cryptocurrency-related crimes.
The United States’ commitment to close collaboration with Nigeria was reiterated in an announcement on October 23. The United States Department of Justice promised to assist Nigeria in enhancing its capacity to look into and prosecute cybercrimes.
Since both countries have seen significant crypto adoption, this endeavor specifically targets crimes involving crypto, even if the two countries have previously worked together on other efforts. Nigeria is a leader in digital finance in Sub-Saharan Africa and the second-largest cryptocurrency adopter globally, according to recent statistics from Chainalysis.
Due mainly to the substantial institutional activity surrounding Bitcoin and Ethereum ETFs, the US maintains a dominant position in North America.
Due to their capacity to enable quick and inexpensive cross-border transactions, cryptocurrencies have become increasingly popular worldwide in recent years. However, as criminal actors attempt to use the technology for their nefarious activities, their decentralized and borderless nature poses particular difficulties for regulators and law enforcement organizations worldwide.
According to TRM Labs, a blockchain analysis platform, the total amount of criminal funds in the cryptocurrency ecosystem decreased by 99% annually to $34 billion in 2023.
Therefore, the Bilateral Liaison Group will act as a cooperative forum for both nations to exchange intelligence, create coordinated plans, and carry out measures to dismantle illegal financial networks.
Additionally, the platform will prioritize bolstering investigative capacities, improving intelligence sharing, increasing regulatory collaboration, and cultivating public-private collaborations.
Through this organization, both nations hope to develop public awareness, strengthen law enforcement capabilities, adopt cutting-edge monitoring techniques, and create regulatory frameworks. Using blockchain analytics and other technologies, they plan to monitor and look into the transactions connected to illegal behavior.
The collaboration will also involve public education campaigns on crypto-related topics and training for Nigerian law enforcement.
If the Bilateral Liaison Group’s outcome is favorable, the US can establish comparable alliances with other countries.
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