In response to the complex nature of crypto crimes, Ukrainian law enforcement officers are being trained in crypto crime investigation by European Union officials. The Ukrainian government’s dedication to aligning its crypto and blockchain policies with those of Brussels is evident. A recent seminar was held in Lviv, Ukraine, according to a Bureau of Economic Security (BEB) press release, where attendees explored the intricacies of crypto crime investigation.
Key elements of investigation, such as tracking the flow of BTC and other cryptoassets on blockchain networks and identifying transaction participants, formed the backbone of discussions. The shadowy character of crypto transactions presents potential for use in activities such as money laundering, illegal gambling and other illicit actions, underlining importance of such investigations.
Established last year to combat financial crime, tax evasion and corruption, the BEB has focused attention on the crypto industry. According to the BEB, an extensive analysis conducted on crypto exchanges revealed a financial hemorrhage, with an estimated $80 million in taxes lost over the past decade. This alarming figure signifies the pressing need for regulation in the sector, with EU crypto law serving as the ideal blueprint.
The seminar saw participation from police officers, prosecution officials, members of the judiciary, academic experts and international specialists. They also learned about advanced software solutions that can aid the fight against crypto-powered crime. Attendees ranged from security intelligence servicemen from Lviv to colleagues from other law enforcement agencies.
Mykola Popovych, the BEB’s Lviv chief, confirmed that the emergence of cryptocurrency has posed a substantial challenge for law enforcement officers the world over. Although the advent of these virtual assets and cryptocurrencies has caused a stir in the world, BEB analysts and investigators are constantly studying new methods of crime investigation in these sectors.
Not only does this approach exhibit the need for crypto literacy in law enforcement agencies, but it also highlights the inherent challenges faced by these agencies due to the burgeoning crypto scene. To adequately handle these challenges, the gathering of knowledge and sharing of experience with international partners, specialists, and law enforcement officers from other countries have been identified as paramount.
The EU mission in Ukraine, currently working to upgrade the capacity of Ukrainian law enforcement officers, acknowledged its crucial role in this fight against crypto-powered corruption. Earlier this year, Ukraine’s anti-corruption bureau unveiled a strategy to address increasing instances of such corruption, further demonstrating the country’s resolve to capture all benefits blockchain technology can bring, while mitigating potential misuse.
Source: Cryptonews
