Financial Crime World

OSCE and UNODC Train Georgian Law Enforcement on Investigating Cryptocurrency Financial Crimes

Tbilisi, Georgia - Strengthening Capacities to Probe Cryptocurrency-Related Financial Crimes

From 29 April to 1 May 2023, the Office of the Coordinator of OSCE Economic and Environmental Activities (OCEEA) in collaboration with the United Nations Office on Drugs and Crime (UNODC) organized a targeted training for 30 Georgian law enforcement officials in Tbilisi, Georgia. The primary objective of this initiative was to impart advanced techniques and practical skills to participants in investigating financial crimes associated with cryptocurrencies and virtual assets.

Georgia’s New Reality: A Double-Edged Sword

Cryptocurrencies in Georgia have brought about new opportunities but also exposed the country to significant risks, such as money laundering, terrorist financing, and fraud. To mitigate these risks, the OSCE and UNODC training focused on:

  • Tracing illicit transactions on various blockchains
  • Demonstrating real-world case studies
  • Adopting best practices from expert law enforcement agencies
  • Guidance on using specialized analytics software and open-source tools

The Importance of Strengthening Georgia’s Capacity

Maksym Mishalov Dragunov, an Assistant Project Officer at OCEEA, underscored the significance of fortifying Georgia’s capacity in addressing financial crimes related to virtual assets. He stated, “The OSCE recognizes the importance of tackling financial crimes, especially those associated with virtual assets and cryptocurrencies, in Georgia.” He also expressed the organization’s commitment to working alongside relevant stakeholders and combating financial crimes, like money laundering, at a national level. Dragunov added, “We’re delighted to observe a considerable level of enthusiasm for this project.”

Supporting Georgia’s Efforts in Fighting Financial Crimes

This training marked the fourth initiative of its kind, with the OSCE continuing to support Georgia’s efforts to curb money laundering through cryptocurrencies and virtual assets. The project is funded by Germany, Italy, Poland, Romania, the United Kingdom, and the United States. The OSCE’s unwavering dedication to this cause reflects its recognition of the ever-evolving nature of financial crimes and the importance of keeping law enforcement agencies updated with the latest methods and technologies.