Georgia’s Fight Against Financial Crimes in the Digital Age: OSCE and UNODC Conduct Training on Crypto and Virtual Assets
Tbilisi, Georgia - Georgia’s law enforcement and supervisory officials recently strengthened their skills in identifying and investigating financial crimes involving cryptocurrencies and other virtual assets. This training, which took place from October 17 to 20, 2023, was organized by the Office of the Coordinator for Economic and Environmental Activities (OCEEA) of the Organization for Security and Co-operation in Europe (OSCE) in partnership with the United Nations Office on Drugs and Crime (UNODC).
Georgia’s Commitment to Combating Money Laundering
More than twenty-five participants from Georgia attended the training. Vera Strobachova-Budway, the Acting Senior Economic Officer at OCEEA, spoke admiringly of Georgia’s dedication to combating money laundering using virtual assets and cryptocurrencies. Strobachova-Budway expressed her appreciation for Georgia’s continued interest in these trainings and workshops and emphasized the OSCE’s commitment to supporting their efforts.
“Georgia is a crucial partner and beneficiary for us, and the dedication and interest in these trainings and workshops is high.”
Vera Strobachova-Budway, Acting Senior Economic Officer, OSCE
This is the second training for Georgian authorities conducted by the OSCE, and it forms part of an OSCE-led project, titled “Innovative policy solutions to mitigate money-laundering risks of virtual assets.”
Training Curriculum
The training curriculum encompassed advanced investigation techniques and practical tools designed to aid government officials in investigating financial crimes perpetrated with virtual assets. The course covered the following topics:
- tracing criminal transactions on various blockchains
- case studies
- best practices
- utilizing specialized analytics software
Aim of the Project
The OSCE-led project aims to strengthen the capacities of national authorities in Georgia, Moldova, and Ukraine to address criminal risks associated with virtual assets and cryptocurrencies. Notably, the project provides governments with analytical software to trace virtual assets across diverse blockchains.
The groundbreaking project, funded by the United States, the United Kingdom, Germany, Romania, and Poland, highlights the importance of initiatives that enable law enforcement agencies to effectively combat illicit activities as the use of virtual assets and cryptocurrencies continues to grow.
Conclusion
The OSCE and UNODC’s support for Georgia’s commitment to combating money laundering and the conducting of this training is essential in safeguarding the global financial system. Georgia’s participation in this training is a significant step towards effectively investigating financial crimes involving virtual assets and cryptocurrencies.