Armenia Steps Up Fight Against Financial Crimes: Training Session on Virtual Asset Management Concludes in Yerevan

Enhancing Capabilities to Combat Financial Crimes

In a bid to strengthen its capabilities in combating financial crimes, particularly those involving cryptocurrencies, the Office of the Co-ordinator of OSCE Economic and Environmental Activities (OCEEA) conducted a specialized training session in Yerevan last week. The event marked a significant step forward in Armenia’s efforts to address the risks posed by cryptocurrencies, including money laundering, terrorist financing, and fraud.

Key Highlights

• 22 representatives from law enforcement and regulatory bodies participated in the intensive two-day programme.
• The training session aimed at enhancing their knowledge and skills in managing seized and confiscated virtual assets.
• A key component of the programme was the sharing of case studies from real-world scenarios, as well as best practices from other jurisdictions.

Training Session Focus

During the training session, participants gained valuable insights into advanced techniques and practical skills for handling seized virtual assets. Additionally, attendees were introduced to specialized asset management solutions that provided them with the tools and knowledge needed to navigate the complexities of digital asset management effectively.

Collaboration and Support

According to Kurban Babayev, Economic Adviser at OCEEA, enhancing Armenia’s ability to combat financial crimes, particularly those involving virtual assets, is a top priority for the organization. “We collaborate closely with Armenian national agencies to tackle financial crime, focusing particularly on money laundering,” Babayev said. “The high level of interest in this topic is encouraging.”

Funding and Initiative

This training session was made possible through an OSCE extra-budgetary project titled “Innovative policy solutions to mitigate money-laundering risks of virtual assets.” The initiative, which is funded by Germany, Italy, Poland, Romania, the United Kingdom, and the United States, aims to support OSCE participating states in building national capacities to counter the criminal risks associated with virtual assets.

Conclusion

By equipping law enforcement and regulatory bodies with the necessary skills and knowledge, Armenia is taking a significant step towards addressing the growing threat of financial crimes in the digital age. The training session marked a crucial milestone in Armenia’s efforts to combat financial crimes and protect its citizens from the risks posed by cryptocurrencies.