Armenia Takes Steps to Combat Financial Crime in Digital Era

Strengthening Fight Against Financial Crime

In a move to bolster its defenses against financial crime, particularly involving cryptocurrencies and other virtual assets, Armenia has taken significant steps. A targeted training session 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). This initiative aims to enhance Armenia’s capabilities in addressing money laundering and other financial crimes related to virtual assets.

The training session, held from June 12 to 14 in Yerevan, saw a total of 23 representatives from Armenia’s public sector attend. These experts received expert guidance on investigating virtual asset-related crimes, including:

Advanced techniques for tracing transactions across different blockchains
Case studies of real-world scenarios
Best practices from law enforcement agencies worldwide

Hands-On Experience with Specialized Analytics Software

The trainees also gained hands-on experience with specialized analytics software and open-source tools designed to combat financial crime. This training represents a significant step towards bolstering Armenia’s defenses against financial crime in the digital age.

International Support for the Initiative

The training is part-funded by a group of OSCE participating States, including Germany, Italy, Poland, Romania, the United Kingdom, and the United States. The extra-budgetary project aims to build national capacities among OSCE participating States to mitigate risks associated with virtual assets.

A Growing Concern in the Digital Age

As the use of cryptocurrencies and other virtual assets continues to grow globally, countries like Armenia must stay ahead of emerging threats to safeguard their financial systems and prevent illicit activities from taking hold. This training highlights the importance of Armenia’s commitment to tackling financial crime, particularly in the context of virtual assets.

Quote from Vera Strobachova-Budway

“This training session highlights the importance of Armenia’s commitment to tackling financial crime, particularly in the context of virtual assets. We are pleased to see significant interest in this project and will continue to support Armenia in its efforts to combat money laundering through virtual assets.” — Vera Strobachova-Budway, Acting Senior Economic Officer at OCEEA