Lebanon works to enhance its cryptocurrency investigations

A cryptocurrency is a type of digital currency that is used to conduct secure transactions without the control of a central banking authority through blockchain technology. Cryptocurrencies are used worldwide among investors and individuals offering advantages related to their speed of transaction, minutes compared to days from a bank, minimal costs, no intermediation and decentralisation.

But cryptocurrencies also offer opportunities for criminals and terrorist groups to launder money and finance illegal activities.

The data reveals the growing use of cryptocurrencies in Lebanon, ranking the country 14th in the MENA region, with $4.95 billion received through cryptocurrencies between March 2022 and March 2023.

The European project ACT (Advance Counter Terrorism for Lebanon Security), implemented by the FIIAPP, co-organised with the High Council of Defence, the Prime Minister’s highest advisory body, an advanced training on the investigation of cybercrime and cyberterrorism acts perpetrated through the use of cryptocurrencies, which was delivered by specialists from the Carabinieri, FIIAPP’s partners in this project.

For one week, 35 participants from fifteen different governmental institutions have gathered to improve their knowledge of cryptocurrencies with practical simulations of asset search and seizure operations with the latest technological tools on the market.

The Lebanese University hosted the opening ceremony and its Rector, Professor Bassam Badran, welcomed all the participants, recalling the fundamental role of this university in promoting cybersecurity knowledge.

During the opening ceremony, the Secretary General of the High Defence Council, General Mostafa Mohamad, stressed the importance of teamwork between all Lebanese administrations, together with the private sector and civil society, at a very critical time for the country. “The evolution of the technological world is a challenge at all levels and requires a coordinated and comprehensive response from our authorities,” he said.

For his part, Captain Simone Vecchiarello, head of the Carabinieri’s Cryptocurrency Unit, stressed that “the lack of specialisation of the units combating this type of crime, together with the lack of existing regulations on this subject, pose significant challenges for the investigation and prosecution of these cases”.

The organisers of the training, Dr. Lina Oueidat, ACT Facilitator and Advisor to the Prime Minister, Koussay Boulaich, Director of ACT, and Vincent Desroches, Head of Cyber Security at ACT, highlighted the strategic importance of bringing together law enforcement, magistrates and key players in the Lebanese cyber ecosystem to fight terrorism and cybercrime, enhancing their capabilities and combating cybercrime.