Using Crypto Analytics to Fight Modern-day Slavery
CipherTrace, the world’s leading provider of cryptocurrency intelligence and blockchain security, announced that it will partner with the newly-formed Anti-Human Trafficking Intelligence Initiative (ATII) to advance the organization’s goal of combatting global human trafficking.
“CipherTrace has been working with several different agencies, such as INTERPOL and Lawyers Without Borders, to combat human trafficking and the use of cryptocurrency to facilitate and support global trafficking of persons”
Pamela Clegg, CipherTrace’s director of financial investigations and education, will serve on ATII’s advisory board, a diverse group of leaders with experience in anti-money laundering and cryptocurrency. CipherTrace will also provide ATII with a license for its user interface, a powerful tool that allows users to trace transactions involving more than 700 virtual assets.
“Human trafficking is modern-day slavery and involves the use of force, fraud or coercion to obtain some type of labor of commercial sex act,” said Clegg. “Millions of men, women, and children are trafficked in countries around the world. It’s not enough anymore just to say no to human trafficking. We have to be proactive, aggressive and go after those facilitating, engaging in and benefiting from trafficked persons. As with most criminal organizations and activities, following the money is the most effective way to combat this global crime.”
CipherTrace is proud to partner in advancing ATII’s vision of disrupting the operations, economics and anonymity of human trafficking at the source by intervening in criminal access to financial markets and thereby inhibiting the ability of traffickers to inflict harm on vulnerable groups.
“CipherTrace has been working with several different agencies, such as INTERPOL and Lawyers Without Borders, to combat human trafficking and the use of cryptocurrency to facilitate and support global trafficking of persons,” said Clegg. “We’re excited to partner with ATII to really give the issue the attention it needs.”
“The Anti-Human Trafficking Intelligence Initiative is honored to have Pamela’s expertise on our Advisory Council and partner with firms like CipherTrace that are fostering dialogue, sharing information and reporting activity in an effort to combat human trafficking through their relationships with the cryptocurrency community, federal intelligence and defense agencies as well as law enforcement. The statistics on human trafficking globally shows an astonishing and alarming impact with the International Labour Organization estimating that there are 40.3 million victims of human trafficking globally and that forced labor and human trafficking is a $150 billion industry worldwide. CipherTrace will be an instrumental partner in helping us promote corporate responsibility within financial institutions such as cryptocurrency exchanges. As public and private organizations continue to collaborate in the creation of a uniform front within the financial sector to fight human trafficking, we will see a true impact in the recovery of victims and prosecution of traffickers,” said Aaron Kahler, ATII founder and president.