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Singapore is expanding the scope of its crime detection to include robust crypto tracking. According to a speech published by the Monetary Authority of Singapore (MAS) on October 16, the government of the country is working on beefing up its ability to track crimes, with state of the art crypto surveillance pointed as a central element to this plan.
Tracking data for investigations
The speech, which was titled, “Combating Financial Crime through New Technologies Built on Strong Fundamentals,” was given by Ms. Loo Siew Yee, an Assistant Managing Director at the Authority at the International Compliance Association Annual APAC Conference. Yee explained that the financial watchdog would be working with both internal and external technologies in a bid to get more insights on data points.
“Such data will provide useful early warning indicators, alongside traditional sources of information such as statutory returns and suspicious transaction reports,” she added.
Yee claimed that the primary purpose of this implementation would be to help strengthen the Anti-Money Laundering policies in Singapore, and it will go hand in hand with the Payment Services Act, a parliamentary bill which will require businesses in the country to comply with AML and Counter-Terrorist Financing (CTF) policies of the MAS. r
The Act, which was passed by the Singaporean parliament back in September, is expected to take full effect from January 2020. On the new crypto tracking policies, the MAS also claimed that it would be ensuring that its modalities will be in line with international standards. Thanks to recommendations from international compliance bodies such as the Financial Action Task Force (FATF), the MAS will be able to have a blueprint to follow in implementing its cryptocurrency tracking measures.
Fighting crypto crimes with blockchain
The announcement is the latest in a string of efforts by countries and their governments to help keep criminal activities in general at bay through the employment of cryptocurrencies and blockchain information. Back in July 2019, the United States Army Contracting Command (ACC) of New Jersey posted a pre-solicitation notice, asking for entries from companies that will be able to help use blockchain technology in detecting cryptocurrency crimes.
According to the release, the solution sought would be used by the Criminal Investigation Command of the U.S. Army in conducting advanced investigations and other related efforts. The notice added that the contractor should be able to provide an online, cloud-based tracking and investigation tool, which will be able to help law enforcement officials in identifying individuals and businesses which employ cryptocurrencies in their illicit activities.
The ideal tool will not rely on hardware or software, and it should be able to provide actionable evidence that the suspect has indeed been involved in cryptocurrency crimes. Acceptable proof includes transaction records, account details, and more. The solution should also be able to provide analysis on Bitcoin, as well as a few other altcoins.