Barbados: Combating Cryptocurrency-Based Money Laundering

On December 3-5, 2018, NCSC held a workshop on combating money laundering using digital currencies in Barbados. The workshop, which was facilitated by two experts from the U.S. Department of Homeland Security, was attended by Financial Crimes Investigators from Barbados, Dominica, Grenada, St. Kitts and Nevis, and St. Vincent and the Grenadines. The workshop was the latest in a series of financial crimes-related training activities designed to improve partner countries’ capacity to investigate transnational criminal organizations and seize illicitly-obtained assets. 

Participants learned about cyber-smuggling and how cryptocurrencies are used to conduct various forms of exploitation and coercion. Using hands-on methodology, participants were able to access the “dark web” to gain insight as to how cyber-smuggling and money laundering occurs. The participants learned about different cyber-smuggling methods such as Peer-to-Peer Exchange, Cash-in-Mail, Bitcoin ATM, and Bitcoin gambling. The workshop also included crime simulations, which tested participants on how criminal networks operate through recovery seeds and addresses.

NCSC conducts criminal justice training and capacity building throughout the Caribbean in partnership with the U.S. Department of State, Bureau of International Narcotics and Law Enforcement Affairs (INL), through the Justice Sector Assistance to the Caribbean Basin Security Initiative Program.