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OSCE strengthens Ukrainian supervision of virtual assets and AML skills

From June 18 to 20, the Office of the Coordinator of Economic and Environmental Activities of the OSCE organized a workshop entitled “Navigating the Virtual Asset Landscape” in Warsaw, Poland. The workshop, organized by the Polish Ministry of Finance, focused on Ukrainian supervisory authorities and supervisors and their efforts to implement recommendations 15 and 16 of the Financial Action Task Force (FATF). These recommendations concern virtual assets in the field of anti-money laundering and anti-money laundering. terrorist financing (AML/CFT). Key topics during the workshop included the supervision of Virtual Asset Service Providers (VASPs) and the adoption of best practices in crypto assets.

The three-day event brought together Ukrainian authorities from the National Bank of Ukraine, the National Securities and Stock Market Commission, the State Financial Monitoring Service and the Ministry of Digital Transformation, which are responsible for the supervision and implementation of the national regulatory framework against money laundering (AML). . The workshop provided a platform for discussions on how supervisory authorities can effectively supervise VASPs and mitigate the risks of money laundering and other financial crimes.

During the interactive sessions, participants from Ukraine explored practical cases of VASP regulation, highlighting key challenges and effective supervisory approaches. They analyzed crypto-specific risks, developed risk assessment tools, assessed the challenges, discussed decentralized finance (DeFi) business models, and covered best practices for AML and Know Your Customer (KYC) procedures. Emphasis was placed on adopting best practices from the EU Crypto Asset Markets Regulations (MiCA) and FATF Recommendations 15 and 16. Several experts also provided insights into the implications of MiCA for VASP supervision, allowing Ukrainian regulators could understand the evolving European legislative framework.

“An appropriate AML supervisory framework for virtual assets is essential to prevent their misuse for illicit activities,” said Vera Strobachova-Budway, acting senior economic officer at the OSCE. “This workshop will enable Ukraine to effectively address money laundering risks and promote a safe and compliant crypto market by adopting best practices from MiCA and FATF Recommendations 15 and 16.”

This initiative demonstrates the OSCE’s continued commitment to supporting regional anti-money laundering cooperation, especially in the field of crypto assets. By facilitating knowledge sharing and capacity building, the workshop provided participants with the necessary tools and expertise to strengthen VASP supervision and maintain financial integrity in Ukraine.

The workshop is part of an OSCE extra-budgetary project on “Innovative policy solutions to mitigate the money laundering risk of virtual assets”, funded by Germany, Italy, Poland, Romania, the United Kingdom and the United States. The project supports OSCE participating states in building national capacities to mitigate criminal risks associated with virtual assets.

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