Ukrainian officials received specialized analytics software training to trace cryptocurrency transactions across multiple blockchains.
14 Ukrainian officials attended a training course in Vienna, Austria, from November 14 to November 17 to acquire advanced knowledge on investigating new-age financial offenses.
A report published by the Organization for Security and Co-operation in Europe (OSEC) details the acquisition of sophisticated methodologies and resources necessary for investigating financial crimes involving virtual assets by a subset of Ukrainian law enforcement and supervisory officials.
OSEC comprises 57 member states from Asia, Europe, and North America that collaborate to address security-related and other global issues.
Attendees of the advanced training in Vienna (OSCE) concerning crypto and virtual asset investigations. The origin is osce.org.
The United Nations Office on Drugs and Crime collaborated with the Office of the Coordinator of OSCE Economic and Environmental Activities to coordinate the course.
According to Ralf Ernst, interim coordinator of economic and environmental activities for the OSCE, the training course strengthened Ukraine’s resistance to financial crimes like money laundering. His further statement was:
“With the growing use of virtual assets and cryptocurrencies in Ukraine, there is a pressing need to strengthen the capacity of law enforcement and supervisory bodies.”
Officials from Ukraine were instructed to use specialized analytics software to trace cryptocurrency transactions across multiple blockchains. Ernst further disclosed that Ukrainian officials had previously undergone comparable training regarding crypto investigations.
Furthermore, the OSCE stated that it would “continue to support Ukraine’s endeavors to combat money laundering, specifically through virtual assets and cryptocurrencies,” as part of the “innovative policy solutions to mitigate money-laundering risks of virtual assets” initiative.
The initiative is funded by the United States, the United Kingdom, Germany, Romania, and Poland. Its specific objective is to assist the Ukraine, Georgia, and Moldova governments in mitigating the criminal risks associated with digital assets and cryptocurrencies.
Recently, Tether, an issuer of stablecoins, and local law enforcement agencies in Israel and Ukraine worked together to block 32 addresses that were allegedly associated with terrorist activity.
“Contrary to popular belief, cryptocurrency transactions are not anonymous; they are the most traceable and trackable assets,” explained Paolo Ardoino, CEO of Tether, about the crypto ecosystem’s transparency.
