UNODC Leads Seminar to Strengthen Kyrgyzstan's Defense Against Financial Crimes Through Cryptocurrency Investigations

Bishkek, Kyrgyz Republic, February 21, 2024

In a significant stride towards bolstering the Kyrgyz Republic's capabilities in Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT), the United Nations Office on Drugs and Crime (UNODC) Programme Office in Kyrgyzstan, supported by the Russian Federation, conducted a seminar titled “Investigations in cryptocurrency (basic level)” on 19-21 February 2024, in Bishkek.

This pivotal step of the seminar series, part of the UNODC's project to strengthen the Kyrgyz Republic's supervisory activities in AML/CFT, brought together over 15 representatives from the country's key financial and security institutions. The attendees comprised members from the State Financial Intelligence Service, Service for Regulation and Supervision of the Financial Market, State Committee for National Security, Ministry of Internal Affairs, and the Countering Narcotics Service of the Ministry of Internal Affairs of the Kyrgyz Republic.

Mr. Artem Romanov, the 1st Secretary of the Embassy of the Russian Federation in the Kyrgyz Republic, expressed support for the UNODC's efforts in the country, particularly through the seminar on basic investigations in cryptocurrency, “The Russian Federation is dedicated to promoting international cooperation in fighting financial crimes such as money laundering and terrorism financing, highlighting the importance of knowledge sharing and best practices in utilizing digital and financial technologies for AML/CFT purposes.”

Expert trainers Mr. Alexey Yurov, an international expert in monitoring cryptocurrencies for AML/CFT purposes, and Ms. Olga Tisen, Head of the Legal Department of the Federal Financial Monitoring Service (Rosfinmonitoring), led the seminar. Participants delved into the nuances of cryptocurrency technologies and their implications in money laundering. The event meticulously covered various facets of cryptocurrency investigations, including encryption technologies, blockchain principles, types of cryptocurrencies, and the operational dynamics between law enforcement agencies and crypto exchanges.

Key topics discussed were aimed at enhancing the understanding of blockchain's security features, distinguishing between different blockchain types, and exploring the unique characteristics of major cryptocurrencies. Moreover, the seminar emphasized the significance of maintaining anonymity in cryptocurrency transactions and outlined effective strategies for legal interactions with crypto exchanges.

Andrey Seleznev, Head of the UNODC Programme Office in the Kyrgyz Republic, remarked that the seminar series on cryptocurrency investigations represents a significant step in strengthening the country's capabilities in combating money laundering and terrorist financing. “This initiative, with the support of international experts and national partners, underscores the commitment to advancing knowledge and operational abilities in addressing financial crimes,” he said.

This initiative marks a crucial step in the UNODC's commitment to supporting the Kyrgyz Republic under Sub-Program 1, "Preventing and Countering Transnational Organized Crime" of the UNODC Regional Program for Central Asia 2021-2025. It reinforces UNODC's dedication to aiding the Kyrgyz government in achieving Sustainable Development Goal #16, promoting peaceful, just, and inclusive societies.