WHAT LARGE AND UGLY teeth you have, Grand Ma.'' said Little Red Riding Hood to the Wolf.

''All the more to slice you with,'' answered the wolf in a gruff, gruff voice.

IN THE DEVELOPING WORLD,.... in Pakistan,...... corruption is the  Mother's Milk, everybody gets into the arena of life, having drunk and stirred and then stand, hung up on it. The High, The Mighty, the trodden.

''It is important for the  ''students'', just as it is critical from an investigative point of view to understand:
The interfaces between electronic money, virtual currencies and the traditional financial system,' states one document from the United Nations Office on Drugs and Crime.

I am told that UNODC COPAK, works in close collaboration with Pakistan and with many other countries, and anti-corruption agencies to help develop their awareness regarding countermeasures.

One document from UNODC provides an overview of virtual currencies, their presence in Pakistan, and the challenges faced by the law enforcement to detect and interdict such transactions when used for illicit purposes.

Virtual currencies are not a new concept, -however, recent innovations of Bitcoin and other similarly structured currencies currently pose a challenge to the law enforcement agencies.

Differentially centralised and de-centralised virtual currencies have single administrative authority and an administrator issues the currency and established the rules for its use-

Whereas de-centralised virtual currencies are distributed, open-source, math-based peer-to-peer virtual currencies that have no central administrative authority for example Bitcoin, Litecoin and Ripple.

Similarly, convertible virtual currency has an equivalent value in real currency and can be exchanged back and forth for real currency for example-

Bitcoin, e-gold, Liberty Reserve and Web-Money, Non-convertible virtual currency is intended to be specific to a particular virtual domain such as Amazon.

The threats presented by virtual currencies include, include fast, irreversible transactions, transfers from fiat currency to virtual currency from on account to another-

And proceeds from virtual currency are usually used to finance drug trafficking and organised crime.

The document also sighted leading challenges for the law enforcement agencies, which is the anonymous nature of virtual currency that allows criminals to participate in financial markets and convert, transfer and withdraw funds across borders without detection.

It is said that there is limited awareness among the investigators and prosecutors regarding the existence and capabilities of virtual currencies as well as the tools and techniques required effectively to investigate related illicit activities.

The core enabler for the use of virtual currencies is information and communications technology.

Virtual currencies operate primarily in the online environment and all such transactions involve computer systems and data. 

There are virtually no paper trails available except for a limited set of operations that involve exchange of virtual currency into fiat money.

The relevance of such paper trails in terms of virtual currency-related investigations is similarly limited.

Therefore, in terms of illegal use of virtual currencies, evidence of a crime will almost be exclusively in the form of electronic evidence that is an important concept for law enforcement and financial units alike.

This advisory will help officials on improved understanding and prepare an appropriate response to these emerging threats.

And this will also help establish a conceptual framework of key definitions which could form the basis of policy development in the developing world.

Broadening the focus of law enforcement toward the dynamics of virtual payment schemes is essential to fight organized crime and international crime networks effectively in the future.

But as the world goes, everybody will shine light on  ''virtual currencies'' and, but, nothing meaningful will ever thwart  money laundering,  least of all through the virtual currencies.

Yes, very few can avoid corruption,....the Mother's Milk. The market for corruption the world over is growing. If you doubt that, then it is time enough for you to visit TOR! 

With respectful dedication to the Students, Professors and Teachers of the world. See Ya all on !WOW!   -the World Students Society Computers-Internet-Wireless:

''' Totally Anti-Corruption '''

Good Night and God Bless!

SAM Daily Times - the Voice of the Voiceless


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