Financial Crime World

Georgia Strengthens Law Enforcement Against Crypto-Related Financial Crimes

In a bid to enhance Georgia’s capacity to tackle crypto-related financial crimes, law enforcement representatives from various agencies gathered in Tbilisi for a specialized three-day training session on cryptocurrency investigations.The event was organized by the Office of the Co-ordinator of OSCE Economic and Environmental Activities (OCEEA) in collaboration with the United Nations Office on Drugs and Crime (UNODC).

Training Session on Cryptocurrency Investigations

The intensive course, held from 11 to 13 March 2023, provided participants with fundamental techniques and practical tools necessary for conducting thorough investigations into cryptocurrency-facilitated financial crimes.

Techniques for Tracing Transactions

The program included detailed sessions on methods for tracing illicit transactions across multiple blockchain networks. Participants learned the importance of:

  • Identifying and tracking suspicious transactions
  • Analyzing the origins and destinations of funds
  • Collaborating with other jurisdictions

Practical Tools and Software

Additionally, the training offered insights into specialized analytics software and open-source tools relevant to the field. Participants gained knowledge on:

  • Using blockchain explorers to trace transfers
  • Understanding the role of public and private keys in transactions
  • Employing cryptocurrency analytics tools for investigations

The Importance of Training in the Evolving Landscape of Financial Crime

Maksym Mishalov Dragunov, Assistant Project Officer at OCEEA, emphasized the significance of the training in the context of the ever-evolving landscape of financial crime, particularly regarding investigative and tracing abilities related to crypto-assets. He stated:

Given the dynamic nature of financial technology, it is crucial for Georgia to concentrate on fortifying its national law enforcement capabilities.

Ongoing Support from OSCE

The training marked the third cryptocurrency investigation course provided to Georgian authorities by the OSCE. The organization announced its intent to continue supporting the country’s efforts to curb money laundering, specifically through virtual assets and cryptocurrencies. This project is part of an extra-budgetary initiative named ‘innovative policy solutions to mitigate money laundering risks of virtual assets,’ funded by Germany, Poland, Romania, the United Kingdom, and the United States.

Mr. Dragunov further explained the importance of international cooperation in addressing the complex challenges posed by the rapidly transforming world of financial crime. “Our commitment to combating illicit activities facilitated by cryptocurrencies underscores the significance of international cooperation,” he added.