UNODC Picks Malaysia for Its First Crypto Analysis Lab in South East Asia
by Fintech News Malaysia June 6, 2022The United Nations Office on Drugs and Crime (UNODC) and the Royal Malaysia Police (RMP) have jointly opened Southeast Asia’s first Cryptocurrency Analysis Laboratory in Kuala Lumpur.
The laboratory will facilitate RMP’s operation in conducting investigation and analysis of cryptocurrency-related crimes.
Its capacity will be used to improve skills and deliver training to RMP investigating officers dealing with cryptocurrency issues.
Prior to the opening of the laboratory, UNODC and RMP worked closely to set up the facility, funded by the Government of Japan.
Located at the Commercial Crime Department, the laboratory enables RMP to more efficiently conduct investigations, analyses, seizures in cases involving cryptocurrencies.
The laboratory is specialised in countering the rise in criminal cases using cryptocurrencies, particularly investment fraud that exploits cryptocurrency as a means of committing crimes, including ransomware.
UNODC will provide continuous training and capacity-building to law enforcement authorities to ensure that they are prepared to tackle evolving crime trends using cryptocurrencies.
Julien Garsany
“Cryptocurrency adoption in Malaysia has significantly increased, with over RM 20 billion in digital assets traded in 2021. Cryptocurrency-related crimes, particularly ransomware and investment fraud, are also on the rise.
As a result of our continuous collaboration, the establishment of the laboratory will enhance the capacity and capability of law enforcement and criminal justice authorities to investigate, analyze and solve crimes more efficiently.”
said Julien Garsany, Deputy Regional Representative for Southeast Asia and the Pacific at UNODC.
