OSCE and UNODC organize a workshop for Georgian experts on countering illicit use of virtual assets and cryptocurrencies

On 22 November 2022, the Office of the Co-ordinator of OSCE Economic and Environmental Activities (OCEEA), in partnership with the United Nations Office on Drugs and Crime (UNODC) conducted a workshop on regulating virtual assets for more than 30 experts from relevant agencies in Tbilisi, Georgia. The experts discussed the current situation on the national virtual assets market, the money laundering potential of cryptocurrencies, relevant regulations and legislation, and software tools for investigating illicit transactions conducted in cryptocurrencies. The participants also discussed measures to raise awareness on the money laundering risks of virtual assets and cryptocurrencies among the general public.

Recent developments in the area of virtual assets prove the relevance of the project and its activities, especially for the national authorities, lawmakers and other relevant agencies, in particular in Georgia.

“The ability of national authorities to counter the vulnerabilities that virtual assets present for money laundering is crucial, especially as cryptocurrencies become increasingly popular. The OSCE, in partnership with UNODC will provide beneficiaries of the project with practical training on the money laundering and terrorism financing risks of cryptocurrencies, investigation, seizure and confiscation, regulation, and customer due diligence. We will also be assisting Georgian law enforcement agencies in organizing awareness-raising activities and facilitating interagency and international co-operation in investigation of crimes conducted with the use of cryptocurrencies,” said Kurban Babayev, associate anti-corruption officer,  OCEEA.

The event is part of the extra-budgetary project on innovative policy solutions to mitigate money laundering risks of virtual assets funded by the United States, Germany and Poland.