Using Crypto Analytics to Fight Modern-day Slavery
MENLO PARK, Calif.--(BUSINESS WIRE)--$Crypto #ACAMS--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.
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.
About the Anti-Human Trafficking Intelligence Initiative
The Anti-Human Trafficking Intelligence Initiative is a non-profit organization established in 2019. ATII's mission is to combat global human trafficking by leveraging corporate social responsibilities directly through advocacy awareness, intelligence integration, technology advancement and strategic data collaboration. ATII aspires to pioneer necessary change in the approach to trafficking prevention, detection, reporting and collaboration to achieve justice and save lives.
CipherTrace is the leader in blockchain security. CipherTrace anti-money laundering, blockchain analytics, and crypto threat intel solutions are powered by advanced cryptocurrency intelligence. Financial investigators and auditors use CipherTrace blockchain analytics to trace virtual asset transactions. Leading exchanges, virtual currency businesses, banks, and regulators themselves use CipherTrace to comply with regulation and to monitor compliance. Its quarterly CipherTrace Cryptocurrency Anti-Money Laundering Report has become an authoritative industry data source. CipherTrace was founded in 2015 by experienced Silicon Valley entrepreneurs with deep expertise in cybersecurity, eCrime, payments, banking, encryption, and virtual currencies. The U.S. Department of Homeland Security Science and Technology (S&T) and DARPA initially funded CipherTrace, and it is backed by leading Silicon Valley venture capital investors.
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