Financial Crime World

Armenia Confronts Growing Threat of Fraudulent Activities in Finance

Strengthening Response through Training Session

Armenia’s financial sector has been experiencing a surge in fraudulent activities, with the government and law enforcement agencies struggling to keep pace with the rapidly evolving threats. To bolster its response to this growing problem, Armenia recently hosted a training session for 23 public sector representatives from June 12-14.

International Collaboration Key to Success

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). The training aimed to enhance participants’ expertise in investigating fraudulent activities related to cryptocurrencies and other virtual assets.

Advanced Techniques and Hands-on Training

During the session, participants learned advanced techniques for tracing criminal transactions across different blockchains, as well as best practices from law enforcement agencies around the world. They also received hands-on training with specialized analytics software and open-source tools.

Addressing Financial Crime a Top Priority

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

Second Training Session and Continued Support

This training session marks the second time that the OSCE has hosted a virtual asset investigation training for Armenian authorities. The organization will continue to provide support to Armenia as it works to combat money laundering through virtual assets.

Project Background

The training is part of an extra-budgetary project funded by Germany, Italy, Poland, Romania, the United Kingdom, and the United States. The project aims to help OSCE participating States build national capacities to mitigate criminal risks related to virtual assets.

Key Takeaways

  • Armenia’s financial sector faces a growing threat of fraudulent activities
  • International collaboration is crucial in combating financial crime
  • Advanced techniques and hands-on training can enhance participants’ expertise in investigating fraudulent activities
  • Addressing financial crime, particularly with regards to virtual assets, is a top priority for the OSCE
  • The organization will continue to provide support to Armenia in its efforts to combat money laundering through virtual assets