The European Union Agency for Law Enforcement Cooperation (Europol) on Friday set up a new center to tackle financial crimes
MOSCOW (Pakistan Point News / Sputnik - 05th June, 2020) The European Union Agency for Law Enforcement Cooperation (Europol) on Friday set up a new center to tackle financial crimes.
"Today Europol launched the new European Financial and Economic Crime Centre (EFECC). The Centre will enhance the operational support provided to the EU Member States and EU bodies in the fields of financial and economic crime and promote the systematic use of financial investigations," Europol said in a statement.
Among the reasons for the center's creation is the need to protect the European economy in the aftermath of the COVID-19 pandemic.
"The fallout from the COVID-19 pandemic has weakened our economy and created new vulnerabilities from which crime can emerge. Economic and financial crime, such as various types of fraud, money laundering, intellectual property crime, and Currency counterfeiting, is particularly threatening during times of economic crisis. Unfortunately, this is also when they become most prevalent," Executive Director of Europol Catherine De Bolle said.
The center will now join similar Europol initiatives, such as the European Cybercrime Centre, the European Counter Terrorism Centre, the European Migrant Smuggling Centre and the European Serious Organised Crime Centre.
