9 October 2020, the Dutch companies CFLW Cyber Strategies and Cointel agreed to further engage expertise and tooling to combat crimes involving dark web and virtual assets. The last few years, it became more and more apparent that cryptocurrencies are abused for several illicit purposes due to their pseudo anonymous characteristics, and structural solutions needs to be implemented in the whole ecosystem from law enforcement, virtual asset service providers, financial institutes and cyber security agencies.
With the recommendations by FATF and new legislations like AMLD5 for the virtual asset service providers (VASPs), as well as the increased capacity by law enforcement and cybersecurity agencies to prosecute or prevent cyber-enabled financial crimes, the need for technical solutions to gather evidence based strategic insights and operational perspectives increases.
Many dark web crimes are supported by cryptocurrencies, for example for trade in illicit goods, or to hire crypto-mixing service providers to obfuscate money trails to support money laundering, fraud or terrorist financing. To combat these crimes requires clever teaming of cryptocurrency analytics tooling and dark web intelligence, and that is exactly what CFLW and Cointel envision with its partnership.
Dr Mark van Staalduinen, managing director of CFLW: “Our collaboration should lead to new solutions given the agility and commitment of both companies to combat crimes and make the internet and virtual assets safer based on our customer centered co-creation strategy. In our approach we focus on operational pilots with strategic partners to co-create new solutions to test the operational value in practice.”
In addition, Eljo Haspels, CEO of Cointel: “Our shared vision on combating cybercrime combined with our complementary state of the art products and collaborative mindset will benefit our customers, partners and the Dutch cyber defence ecosystem as a whole.”