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Blockchain and cryptocurrency security firm CipherTrace will be partnering with the Anti-Human Trafficking Intelligence Initiative (ATII) to solve the growing issue of modern-day slavery. The collaboration will be a significant step for ATII as CipherTrace is proficient in monitoring and tracking down questionable funds moving in the crypto space, a press release said.
Since cryptocurrency’s inception, criminals have been using this mode of payment to facilitate global transactions as it provides anonymity and lacks a solid regulatory framework. But thanks to companies like CipherTrace, the activities of this abhorrent industry in the crypto ecosystem have slowly come to light.
Through this collaboration, Pamela Clegg – CipherTrace's director of financial investigations and education – has joined ATII’s board to provide more expertise in this emerging sector. Commenting on the partnership, Clegg highlighted the impact of the black industry on the lives of millions of people across the globe.
Over 40 million people exploited
“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,” Clegg said.
According to International Labor Organization, around 40.3 million people are affected by modern slavery, 24.9 million of which are thrown in forced labor, while 15.4 million are in forced marriages. Domestic work, agriculture, construction, sexual exploitation, and state-backed labors are just some of the many sectors that these victims are being used for, with one in every four slaves being children.
An exposed industry
CipherTrace released a report in late November showing that 65% of the top 120 exchanges have poor Know Your Customer (KYC) protocols. This opens these exchanges up to criminals that may be using their platforms to facilitate funds used in human trafficking, which is estimated at $150 billion in global value.
ATII Founder and President Aaron Kahler welcomed Clegg’s addition to the initiative’s board, while also highlighting the significance of CipherTrace in the organization’s operation moving forward.
“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," Kahler said.
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