Financial Crime World

Armenia Takes a Step Forward in Combating Financial Crimes with Advanced Investigation Techniques

Strengthening Capabilities in Investigating Financial Crimes

In a bid to enhance its abilities in investigating financial crimes involving cryptocurrencies and other virtual assets, Armenia recently hosted a targeted training session for 23 representatives from the public sector. The event was organized by the Office of the Co-ordinator of OSCE Economic and Environmental Activities (OCEEA) in partnership with the United Nations Office on Drugs and Crime (UNODC).

Training Objectives

The three-day session, held from June 12 to 14, aimed to equip participants with advanced techniques and practical skills in tracing criminal transactions across different blockchains. The training covered a range of topics, including:

  • Methods for identifying and tracking suspicious transactions across multiple blockchains
  • Hands-on experience with specialized analytics software as well as open-source tools
  • Expert insights into real-world scenarios and best practices from law enforcement agencies around the world

Importance of Addressing Financial Crime

The importance of addressing financial crime, particularly in relation to virtual assets, was emphasized by Vera Strobachova-Budway, Acting Senior Economic Officer at OCEEA. “Ensuring Armenia’s ability to address financial crime is one of our top priorities,” she said. “We work closely with Armenian national agencies engaged in combating financial crime, with a particular focus on money laundering.”

Commitment to Supporting Armenian Authorities

This training marks the second such initiative for Armenian authorities, and the OSCE has committed to continuing its support for the country’s efforts to combat money laundering through virtual assets. The project is funded by Germany, Italy, Poland, Romania, the United Kingdom, and the United States.

Building National Capacities

The project aims to build national capacities among participating states to mitigate criminal risks associated with virtual assets. As the use of cryptocurrencies continues to grow, so too do concerns about their potential role in financial crimes such as money laundering and terrorist financing.

Conclusion

This training is a crucial step forward in equipping Armenian authorities with the skills and expertise needed to effectively investigate these types of cases. With the increasing growth of cryptocurrencies, it’s essential for countries like Armenia to stay ahead of the curve and ensure their ability to address financial crime.