OSCE Boosts Ukraine’s Fight Against Financial Crimes

A course held in Vienna, Austria, from November 14th to November 17th provided fourteen Ukrainian officials with advanced instruction on investigating new-age financial offenses.

According to a report by the Organization for Security and Co-operation in Europe (OSEC), selected Ukrainian law enforcement and supervisory officials gained knowledge of sophisticated methodologies and resources necessary for the investigation of financial offenses involving virtual assets.

Participating nations from Europe, Asia, and North America make up OSEC, which is comprised of 57 nations, and its purpose is to address security-related and other global issues.

The organizing committee for the course comprised the United Nations Office on Drugs and Crime and the Office of the Coordinator of OSCE Economic and Environmental Activities.

The training course bolstered Ukraine’s resistance to financial crimes, including money laundering, according to Ralf Ernst, interim coordinator of economic and environmental activities for the OSCE.

Furthermore, he wrote, Ukrainian officials received specialized analytics software training to trace cryptocurrency transactions across multiple blockchains.

Ernst further disclosed that Ukrainian authorities had previously undergone comparable training regarding crypto investigations.

Throughout the “innovative policy solutions to mitigate the money-laundering risks of virtual assets” project, the OSCE “will continue to support Ukraine’s efforts to combat money laundering, particularly through virtual assets and cryptocurrencies.”

The United States, the United Kingdom, Germany, Romania, and Poland are funding the initiative, which aims to help the governments of Georgia, Moldova, and Ukraine reduce the criminal risks connected with digital assets and cryptocurrencies.

In a recent effort to suspend 32 addresses that were potentially associated with terrorist activity, stablecoin issuer Tether joined forces with local law enforcement agencies in Israel and Ukraine.

32 wallet addresses in Israel and Ukraine were seized, representing $873,118 worth of Tether, as reported.

“In contrast to conventional wisdom, cryptocurrency transactions are not anonymous they are the most traceable and trackable assets,” explained Paolo Ardoino, CEO of Tether, in elaborating on the crypto ecosystem’s transparency.