Spanish Police force Crypto Investment of USD 115,000

The Spanish police force has revealed that it will invest in tech platforms that will allow officers to catch drug traffickers who make use of crypto assets.

According to El Español, officials who patrol the Strait of Gibraltar – the waters that wash Morocco, Spain, and Gibraltar have paid almost USD 115,000 on two blockchain analysis solutions. They think these tools will allow them to trace crypto assets they say are being utilized to fund drug deals.

The police claim that criminals are using crypto in an attempt to anonymize transactions or make them harder to track.

Police expenditure records show that officers believe that the solutions will help detectives who are analyzing electronic evidence related to criminal acts.

The Ministry of the Interior believes that it is necessary to constantly update the police’s technological systems. A hint perhaps that the police might look to expend more on crypto monitoring tools in the future.

Also Read, Riu plaza in Madrid joins Metaverse

Spanish Police

Just last month, a major police operation busted two crime rings that had smuggled tons of marijuana and cocaine across the Strait covering their tracks by hiding payloads in crates of tomatoes, watermelons, and melons.

As per news reports, the police found evidence that gangs have paid off corrupt police and customs officers to authorize the shipments to enter Spain. Over 60 people, including several police officers, were arrested in 34 raids.

Officers articulate that some of the payments made to crooked officials may have been made in crypto, or that money laundered via crypto transactions was then later exploited to pay for bribes. The police also added that it was still looking for unique tools that officers could utilize to trace transactions linked to drug deals.

Another drug cartel that was raided in February this year was found to have been trying to use cryptocurrency to launder money it had extended from narcotics deals.

Also, officers have found themselves struggling to trace crypto-linked drug deals and crucially prove that dubious-looking crypto wallets really do belong to narcotics traders.

One police unit complained that it was practically impossible to produce high-quality reports in absence of the kind of solutions that the force has just spent USD 115,000 on.

Law enforcement agencies have also mentioned that they will look to train their officers in crypto-related affairs. They were quoted as expressing that officers must possess advanced knowledge of the way these digital currencies are operated in money-laundering processes.

Officers will also be advised on how to “recover and manage” crypto utilized in crime and that the police will back government “regulations that promote transparency” in the cryptocurrency industry.

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