In a recent report, the IRS Criminal Investigation recently joined its foreign counterparts to educate and train financial law officers in Ukraine on how to detect and fight criminal activities related to cryptocurrencies. In addition, Chainalysis, Block Trace, and CipherTrace have also joined the global law enforcement alliance to teach Ukrainian agents about cryptocurrency and blockchain tracing.
Recently, there has been a surge in global awareness of crypto-related criminal activities, and as such, many law enforcement agencies, globally and locally, have been forming schemes and measures to counter the increasing crypto crime rates. In the latest development, the IRS Criminal Investigation (CI) has joined a group of global enforcement agencies to teach financial agencies in Ukraine how to trace and fight crypto crimes.
According to reports, CI recently concluded a training program aimed at training the law enforcers in Ukraine on crypto-related crimes in May. Continuing the training program, CI launched the second part of the training between September 18th and 21st, teaming up with HMRC (the UK’s His Majesty’s Revenue and Customs) and FIOD ( the Dutch Fiscal Information and Investigation Service).
Jointly, the trio planned to help at least 40 law enforcement personnel in Ukraine to better understand how to trace on cryptocurrency and blockchain platforms. In addition, the training was reportedly done online, equipping the participants with tools and knowledge to combat money laundering, sharpen their blockchain forensic investigations skills, and detect fake crypto transactions.
CI Advocates Private-Public To Jointly Battle Crypto-Crimes
The official press release from the firm revealed that joining the HMRC, FIOD, and CI to facilitate the training section was BlockTrace and CipherTrace, the two crypto and blockchain analytics firms that delivered the lectures. Present at the program were many agencies in the Ukrainian enforcement sector, including the country’s State Bureau of Investigation, National Anti-Corruption Bureau, Secret Service, Economic Security Bureau, and National Police’s Cyber-Police Department.
After the training program, the participant wrote a short exam where those who passed it were certified as Crypto Tracing Examiners. Commenting on the event, Jim Lee, the Chief of IRS Criminal Investigation, stated that he has been advocating the significance of private-public alliances for a while. He added that the recently concluded training in Ukraine was a typical example of how private agencies and government bodies can join hands to enforce regulations globally.
Earlier this year, CI, alongside its foreign counterpart, partnered with Chainalysis, a blockchain analytic firm, to launch the first stage of the training delivered to the law enforcers in Ukraine. The main focus of the exercise was to teach the participants how to identify and prevent the financial strategy which law evaders, trying to violate the sanction laws by hiding their crypto assets, use in the region. They believe equipping agents in the country would help bring defaulters to justice and deter many potential law breaches.
Russian Military Evades Sanction, Accumulating Cryptocurrencies
About a year after it invaded Ukrainian territory, a report revealed that the fundraising groups for the Russian military have managed to gather millions of US Dollars in digital assets, boycotting the active United States and Global Sanctions that the country is currently facing.
Initially, reports showed that the procurement and disinformation groups of the country’s military were able to raise about $4.2 million, which is significantly smaller than the whopping $212 million that the Ukrainian army raised during the same period. Nonetheless, new reports from crypto analytic sources revealed that the Russian military has raised another $20 million in digital assets.
It is worth noting that the country raised more than half of the revenue through entities that the United States sanctioned. In addition, about 80% of the liquidity flows through crypto-centralized custodian platforms. Furthermore, they have also been reportedly using decentralized finance protocols and non-fungible token services and products, as well as decentralized exchanges, to carry out their illegal financial activities.
Meanwhile, the reports revealed that some crypto enthusiasts and organizations have also adopted cryptocurrency for their forthcoming fundraising or incentives programs, as they prompt n9n-fungible token programs for the war effort.
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