Banks Turn to Bitcoin Tracking in Fight Against Human Trafficking

A shift occurred in the summer of 2015 that sent modern-day slavers flocking to bitcoin.

Following pressure from Illinois law enforcement, Visa and MasterCard ceased doing business with BackPage, an online classified ads service that has been accused of being a thinly veiled front for prostitution and human trafficking.

As some positioned the move as the kind of “moral policing” for which bitcoin was a perfect workaround, the decision had an unintended side effect that may have actually helped make the job of modern day slave traders even easier.

The tried-and-true investigative techniques that had been until that moment employed by law enforcement and banks to help prevent human trafficking were largely rendered null and void as the pedlars of human cargo embraced bitcoin.

Then, in December 2015, a victim of human trafficking and sexual slavery, Timea Nagy, addressed a room filled with financial executives from some of the largest banks in Canada and made a plea for help.

At the meeting, organised by the founder of social enterprise startup Timea’s Cause as part of its process of training law enforcement and others to identify human trafficking victims, Nagy made a call to the room filled

Read more ... source: CoinDesk

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