Financial Crime World

Armenia Takes Step Forward in Combating Crypto-Related Crimes with International Cooperation

Strengthening Domestic Law Enforcement Capabilities

In a bid to enhance its capacity to tackle crypto-related crimes, Armenia recently hosted a specialized training session on crypto-asset investigations in partnership with the Office of the Co-ordinator of OSCE Economic and Environmental Activities (OCEEA) and the United Nations Office on Drugs and Crime (UNODC).

Training Program Highlights

  • Twenty-seven representatives from various law enforcement agencies attended the three-day training program in Yerevan.
  • Participants learned about fundamental techniques and practical tools for conducting effective crypto-crime investigations, including:
    • Basic methods for tracing criminal transactions across diverse blockchain networks
    • Real-world case studies
  • The sessions also covered specialized analytics software and open-source tools pertinent to the field, enabling law enforcement agencies to:
    • Trace transactions conducted on different blockchains
    • Review risks of certain addresses and exposure to criminal funds
    • Detect clusters of different transactions

OSCE’s Commitment to Supporting Armenia

“The ever-changing landscape of financial technology requires Armenia to strengthen its domestic law enforcement capabilities, particularly in investigating and tracing virtual assets,” stated Kurban Babayev, Economic Adviser at OCEEA. “The OSCE remains committed to aiding Armenia in its efforts to tackle money laundering, especially in the sphere of virtual assets and cryptocurrencies.”

International Cooperation Plays a Vital Role

The training is part of an OSCE-led extra-budgetary project on “Innovative policy solutions to mitigate money-laundering risks of virtual assets,” funded by Germany, Italy, Poland, Romania, the United Kingdom, and the United States. The project aims to support OSCE participating States in building national capacities to mitigate criminal risks related to virtual assets and cryptocurrencies.

Impact on Armenia’s Financial System

Armenia’s efforts to combat crypto-related crimes are expected to have a significant impact on its financial system, ensuring greater transparency and security for citizens and businesses alike. With international cooperation playing a vital role in this endeavour, Armenia is well on its way to becoming a leader in the region in tackling financial crime prevention strategies.