Ukrainian Officials Enhance Crypto Crime Investigation Skills with OSCE Training

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Hassan Shittu

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Hassan Shittu

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November 22, 2024

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In a concerted effort to combat the growing misuse of crypto’s blockchain technology for illicit activities, the Organization for Security and Co-operation in Europe (OSCE) hosted a comprehensive three-day training session from November 20 to 22.

Twelve Ukraine’s National Securities and Stock Market Commission officials participated, gaining hands-on experience and knowledge in crypto-asset investigations.

The training focused on equipping officials with the tools and techniques necessary to trace suspicious activities on blockchain networks.

The OSCE initiative is part of a larger project funded by several nations, including Germany, Italy, Poland, Romania, the United Kingdom, and the United States.

The project aims to enhance the capacity of participating states to manage risks associated with virtual assets.

OSCE Crypto Crime Investigation Training: Are Ukrainian Officials Ready to Combat Corruption?

The OSCE’s training delved deeply into the intricacies of blockchain technology, offering participants a mix of theoretical insights and practical applications.

Over three days, Ukrainian officials explored key topics such as the taxonomy of crypto-assets, the fundamentals of blockchain, and the methodologies for analyzing blockchain transactions.

Participants were introduced to cutting-edge blockchain analytics tools—both commercial and publicly available—that are vital for tracking the flow of crypto assets.

Using these tools, the officials practiced identifying transaction patterns and detecting suspicious activities in real-time scenarios involving Bitcoin (BTC) and Ethereum (ETH).

Interactive tracing simulations bolstered these exercises, enabling attendees to apply their theoretical learning in realistic, investigative settings.

Maksym Mishalov Dragunov, an Assistant Project Officer at OSCE, remarked:

“Criminal activity on blockchain networks is on the rise. While cash remains the most common tool for illicit transactions, cryptocurrency offers a unique advantage: the ability to facilitate borderless, instantaneous transfers globally”

He highlighted cryptocurrency’s unique challenges and opportunities, noting its ability to facilitate transactions faster than any other technology.

While a strength of blockchain, this characteristic also poses significant risks when leveraged for illegal purposes, such as money laundering.

A Broader Initiative Against Financial Crime

This training is part of the OSCE’s ongoing extrabudgetary project, “Innovative Policy Solutions to Mitigate Money-Laundering Risks of Virtual Assets.”

The initiative, supported by funding from multiple nations, aims to strengthen national capacities across member states to address the criminal risks associated with virtual assets.

A recent report from Chainalysis revealed a sharp rise in institutional DeFi transactions within the region.

Ukraine saw a staggering 362% increase in transactions exceeding $10 million in 2023.

As part of this broader mission, the OSCE training also included real-world case studies, allowing participants to examine the lifecycle of illicit crypto transactions and the challenges in tracing them.

This is not the first training. In November 2023, Ukrainian law enforcement and supervisory officials received advanced training to combat crypto-related financial crimes.

The OSCE also organized the four-day course in Vienna from November 14 to 17, 2023, and equipped 14 participants with investigative tools and techniques for identifying and tracing criminal blockchain transactions.