Financial Crime World

Regulatory Bodies Fight Financial Crime in Armenia with Specialized Training Session

Combating Money Laundering and Terrorist Financing

In a bid to combat money laundering, terrorist financing, and fraud, regulatory bodies in Armenia have received specialized training on managing seized and confiscated virtual assets. A two-day training session was conducted by the Office of the Co-ordinator of OSCE Economic and Environmental Activities (OCEEA) last week.

Enhancing Knowledge and Skills

The event brought together 22 representatives from law enforcement and regulatory agencies, aiming to enhance their knowledge and skills in handling seized digital assets. The training programme included:

  • Advanced techniques for managing virtual assets
  • Practical tools for effective asset management
  • Real-world case studies of best practices from other jurisdictions
  • Introduction to specialized asset management solutions

Comprehensive Training

According to Kurban Babayev, Economic Adviser at OCEEA, combating financial crimes involving virtual assets is a top priority for the organization. “We work closely with Armenian national agencies to tackle financial crime, particularly money laundering,” he said. “The high level of interest in this topic is encouraging.”

OSCE Extra-Budgetary Project

The training session was part of an OSCE extra-budgetary project funded by Germany, Italy, Poland, Romania, the United Kingdom, and the United States. The initiative aims to support participating states in building national capacities to counter the criminal risks associated with virtual assets.

Building Capacity to Combat Financial Crimes

As regulatory bodies continue to grapple with the challenges posed by cryptocurrencies, this specialized training is seen as a crucial step towards enhancing Armenia’s ability to combat financial crimes effectively. By improving their skills and knowledge, regulatory bodies in Armenia can better manage seized and confiscated virtual assets, ultimately contributing to a safer and more secure financial environment.