CipherTrace, a cryptocurrency, and blockchain tracing security company partnered with the Anti-Human Trafficking Intelligence Initiative (ATII) to fight human trafficking otherwise called modern-day slavery.
This is to advance ATII’s objective of fighting global human trafficking through the use of crypto analytics.
CipherTrace’s director of financial investigation and education, Pamela Clegg, who also doubles as a former officer of the U.S intelligence will serve as an adviser to the ATII’s advisory board.
The advisory board, however, is made up of officers experienced in fighting money laundering allowing Clegg to provide ATII with expertise on human trafficking likewise using crypto analytics for investigations.
Clegg explained that the partnership is going to help ATII in the investigation and advise as to ending modern-day slavery.
Apart from advice, CipherTrace will allow ATII to be able to trace transactions involving virtual assets.
This would be made possible by providing ATII with a license for its user interface.
Human trafficking scourge in the 21st century
International Labour Organisation estimates that over 20 million people are imprisoned in forced labor or human trafficking circumstances.
Selling people in the 21st century is regarded as one of the highest sources of organized criminal income.
Furthermore, once the Human trafficking operation is complete, it leads to further crimes like enslavement, rape, physical violence among others.
An example is the case of 3,200 Yazidi women kidnapped in Sinjar, August 2014.
These women were sent to Syria and subjected to forced conversion, slavery, marriage, rape, forced labor, etc.
Women and girls being the primary targets of human trafficking, the report shows that women are the main perpetrator of human trafficking likewise.
However, CipherTrace’s partnership with ATII will prove helpful as combating human trafficking has never been more challenging, especially in this century where the world is experiencing the worst migration crisis since World War II.
Fighting human trafficking with cryptocurrency
ATII’s Chief Information Security Officer, Larry Cameron, has said criminal activities can be traced through cryptocurrency.
He said this following the outcome of five crypto forensic firms that made their verdict on the role crypto plays in human trafficking.
These firms, however, had information on crypto being used in pornography or for drug trafficking which Aaron Kahler, ATII’s Founder and President noted as a source of concern.
U.S laws have categorized modern-day slavery into two. One is sex trafficking and the other is slavery for forced labor or services. Circumstances may vary but modern-day slavery persists in this day and age:
Many people who fall victim to trafficking want to escape poverty, improve their lives, and support their families. Often they get an offer of a well-paid job abroad or in another region. Often they borrow money from their traffickers in advance to pay for arranging the job, travel and accommodation.
CipherTrace had also gained attention in tracing money laundering. Its report highlights cryptocurrency regulation, nefarious actors within the ecosystem, impending legislation, international trends, and prevailing sentiments.