In response to rampant cybercrime and large-scale crypto hacks, the International Criminal Police Organization is launching a dedicated division to fight back.

As per their announcement at a press conference ahead of its 90th general assembly in Delhi, the special team, which is based in Singapore, is going to help governments fight crimes involving virtual assets.

According to INTERPOL secretary general Jürgen Stock, the absence of a legal framework for cryptocurrencies like Bitcoin and Ether poses major challenges to law enforcement agencies “because very often, agencies are not properly trained and properly equipped” to address cryptocurrency crimes in the beginning.

Stock pointed out that this will be the main focus of the agenda at INTERPOL’s general assembly in India, an event running from Oct. 18 until Oct. 21 which is attended by high-profile police officials from the organization’s 195 members.

Praveen Sinha, the special director of India’s Central Bureau of Investigations, echoed Stock’s concerns, highlighting INTERPOL’s role in establishing and developing better police cooperation at a global level. 

“The only answer is international cooperation, coordination, trust, and real-time sharing of information,” Sinha said.

In their press release, INTERPOL lists its main objectives: ‘centralizing international response’ and ‘taking action on-ground”, with plans to adopt a “multi-agency approach”, and “work closely with key stakeholders to strengthen collective efforts against financial crime and corruption.”

The key stakeholders include the Financial Action Task Force (FATF), the FATF-Style Regional Bodies (FSRBs), the Egmont Group of Financial Intelligence Units, law enforcement agencies, police organizations and the financial sector.