Financial Crime World

Armenia Cracks Down on Cryptocurrency Fraud with International Training Session

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Armenia recently hosted a targeted training session for public sector officials from June 12-14 to strengthen its investigation capabilities and combat financial crimes involving cryptocurrencies. 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).

Training Objectives

The training session aimed to enhance the expertise of Armenian law enforcement agencies in investigating fraud and money laundering cases related to cryptocurrencies. The objectives included:

  • Enhancing techniques for tracing criminal transactions across different blockchains
  • Sharing best practices from other law enforcement agencies
  • Providing an orientation to specialized analytics software and open-source tools for detecting and tracking suspicious activity in the cryptocurrency market

Training Highlights

The training session featured advanced techniques for investigating fraud and money laundering cases related to cryptocurrencies. Participants learned how to:

  • Use case studies highlighting real-world scenarios to gain a deeper understanding of the complexities involved in investigating financial crimes involving virtual assets
  • Employ specialized analytics software and open-source tools to detect and track suspicious activity in the cryptocurrency market

Partnership with OSCE and UNODC

The training session was part of an OSCE extra-budgetary project aimed at mitigating money-laundering risks associated with virtual assets. The project is funded by Germany, Italy, Poland, Romania, the United Kingdom, and the United States.

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

Ongoing Support

This marks the second training on investigating virtual assets for Armenian authorities, and OCEEA has pledged to continue supporting Armenia in its efforts to combat money laundering through cryptocurrency transactions.

Overall, the training session demonstrated a strong commitment by Armenia to addressing financial crime and ensuring the integrity of its financial system.