Vatican warns about the use of cryptocurrency in migrant smuggling

The city-state in Italy has called for the development of ways to identify virtual assets to increase the transparency of operations

17.10.2021 - 07:40

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What's new? The Vatican has called on the international community to regulate cryptocurrency, especially due to its growing use for the smuggling and exploitation of migrants. In a statement from October 14, Janusz Urbanczyk, the Vatican representative to U.N. agencies in Vienna, said that money laundering has moved into a less transparent world of digital payments and cryptocurrencies:

“While some online platforms oblige their clients — senders and beneficiaries of remittances — to identify themselves, some cryptocurrency platforms and virtual asset service providers do not request identification from their customers. As is well known, this only increases opportunities for money laundering and similar crimes.”

Article on Vatican News

What are the Vatican's concerns? Urbanczyk believes that most of the illegal migrants traveling along the Balkan route have become victims of human traffickers. The Vatican calls on States to promote the development and implementation of mechanisms for identifying users of virtual assets in order to increase market transparency and combat the financing of illegal activities. Urbanczyk focused on initiatives aimed at stopping the illegal importation of migrants.

“To raise awareness of their risks and educate users and beneficiaries in the correct use of virtual assets, awareness campaigns and specific training programs should be promoted — both nationally and internationally.”

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