Maldives Seeks to Boost Blockchain and Anti-Money Laundering Efforts with Regional Workshop
A recent workshop held in Manila, Philippines, brought together 39 compliance professionals from the Maldives and other Indo-Pacific countries to enhance their capabilities in countering UN Security Council Resolution sanctions evasion techniques. The event was organized by CRDF Global with the support of Canada’s Weapons Threat Reduction Program (WTRP) and digital asset experts from Chainalysis.
Enhancing Capabilities
The workshop focused on cryptocurrency laundering risks, covering topics such as:
- Blockchain Technology Fundamentals: Participants gained a deeper understanding of blockchain technology and its applications.
- Cryptocurrency Utility: The utility of cryptocurrency and its potential uses were explored.
- Identifying Risk Typologies: Participants learned how to identify risk typologies associated with illicit actors.
- Navigating the International Cryptocurrency Regulatory Landscape: Experts from Chainalysis provided guidance on navigating the complex international regulatory landscape.
Regional Cooperation
The event was attended by high-level representatives from central banks, monetary authorities, and public agencies of:
- Maldives
- Sri Lanka
- Bhutan
- Singapore
- Indonesia
- Mongolia
- Vietnam
- Philippines
- Nepal
The workshop aimed to strengthen the financial sectors’ ability to adapt to international cryptocurrency obligations and respond to risks posed by illicit actors.
The Indo-Pacific Region: A Critical Area for Cryptocurrency Adoption
According to Chainalysis’ 2023 report, the Indo-Pacific region is a critical area for the future of cryptocurrency due to:
- Rapid grassroots adoption of digital assets
- Unique economic climate
However, this rapid adoption also increases vulnerability to attacks by illicit actors such as the DPRK and Iran.
CRDF Global’s Response
======================
CRDF Global has been responding to these threats by providing region-specific cryptocurrency workshops and guidance materials to central banks and financial regulatory supervisors. The organization’s goal is to equip participants with the tools necessary to safeguard their jurisdictions from vulnerabilities and threats.
Workshop Highlights
The workshop featured a variety of topics, including:
- Blockchain technology
- Popular digital assets such as Bitcoin and Ethereum
- Risk typologies
- Navigating the international cryptocurrency regulatory landscape
Participants praised the expertise of Chainalysis’ subject matter experts, interactive exercises, and case studies, which helped them better understand the complexities of digital assets.
The Maldives’ Efforts to Improve AML/CFT Regulations
The Maldives has been taking steps to improve its anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. The country’s financial sector is expected to benefit from the knowledge gained during the workshop, enabling it to better detect and prevent illicit activities related to cryptocurrencies.
Conclusion
==========
The success of the workshop demonstrates the importance of regional cooperation in addressing cryptocurrency-related threats and enhancing the capacity of financial institutions to respond to risks posed by illicit actors. As the use of digital assets continues to grow, it is crucial for countries like the Maldives to stay ahead of the curve and adapt their regulations to ensure a secure and stable financial environment.