Azerbaijani Authorities Launch Crackdown on Money Laundering Techniques
Azerbaijani authorities have launched a major crackdown on money laundering techniques, focusing on new payment methods that are increasingly being used by criminals to hide illicit funds. The move comes as traditional financial systems continue to evolve with the rise of crypto assets.
Combating New Payment Methods
To combat this growing threat, law enforcement agencies, judiciary officials, and financial intelligence experts gathered for a training session in Baku, Azerbaijan, to enhance their understanding of new payment methods and investigative techniques.
Key Topics Covered
- The legislative framework and regulatory environment surrounding virtual currencies and virtual asset service providers
- Identifying money trails, recovering assets hidden in cryptocurrencies or digital cards, and coordinating with other agencies to prevent criminal abuse of new payment methods
- Blockchain analysis, which is becoming increasingly crucial for investigators trying to track cryptocurrency money trails
- Promoting public-private partnerships as a way to exchange information and tackle crypto-enabled crimes
Practical Exercises
The training included practical exercises that simulated real-life money laundering cases involving the use of new payment technologies. Participants were tasked with taking a multi-faceted approach, coordinating with other agencies, and employing different investigative techniques, including open-source research.
Goal of the Training
The ultimate goal of the training was to enhance national capacities to prevent and combat the growing misuse of new payment technologies, which pose significant money laundering and terrorist financing risks globally.
Partnership for Good Governance
This event is part of the European Union and the Council of Europe’s joint program “Partnership for Good Governance,” co-funded by the European Union and the Council of Europe, and implemented by the Council of Europe as part of its project on “Preventing and Fighting Economic Crime in Azerbaijan.”