Asset Reality is Appointed by the EUACI in Ukraine

Asset Reality is pleased to announce our appointment by the European Union Anti-Corruption Initiative in Ukraine (EUACI) to provide much-needed cryptocurrency training to law enforcement agencies in the country.

Despite its prevalence in the nation, cryptocurrency was only legalised as an official currency in March 2020. Ukrainian President Volodymyr Zelenskyy signed the bill into law after receiving more than $100 million in crypto donations to aid the military efforts against Russian armed aggression.

We will be conducting several virtual training sessions with members of the State Financial Monitoring Service of Ukraine (SFMS), the Asset Recovery and Management Agency (ARMA), the National Anti-Corruption Bureau of Ukraine (NABU), the Bureau of Economic Security, and the EU’s Freeze and Seize Task Force among other beneficiaries of the EUACI.

Each training session has been customised to address the specific needs of the Ukrainian authorities. Using recent case studies from Belgium and the United States, our skilled asset recovery specialists will cover the basic mechanisms of cryptocurrencies, non-fungible tokens (NFTs) and digital assets; how they can finance criminal activities and the latest methods for tracing, seizing and handling lost or stolen virtual assets.

They will go on to highlight the many different custody options for managing digital assets after they’ve been seized during a criminal investigation; the best practices for cooperating with larger crypto exchanges and the future of cryptocurrency legislation and anti-money laundering guidelines in the wake of recent high-profile scandals like the collapse of the world’s second-largest cryptocurrency exchange FTX or the infiltration of the popular blockchain game Axie Infinity by the notorious North Korean hacking group Lazarus.

When asked about the appointment, our Chief Recovery Officer Joanna Summers said:

“I’m looking forward to meeting the wide range of bureaus who will be attending our training sessions in addition to the asset recovery and management agency. Understanding the asset forfeiture process from different viewpoints, roles and responsibilities is beneficial. It provides everyone with a greater understanding of how their processes and procedures affect other parts of the asset lifecycle."

"The Ukrainian government will be able to make decisions that work best for their country when it comes to virtual asset management with this approach. I anticipate a thoughtful discussion throughout the training.”

The EUACI was co-funded and implemented in 2020 by The Ministry of Foreign Affairs of Denmark, on behalf of the European Union (EU). The program aims to reduce corruption in Ukraine at both the national and local levels by the end of 2024 by empowering the citizens, businesses, state institutions and civil society.

If you would like to know more about our work in crypto-related frauds and asset recovery, contact connect@assetreality.com

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