More individuals now use cryptocurrencies than trade on stock exchanges and as any method for storing and transferring value, cryptocurrencies can be used for illicit purposes including money laundering and terrorist financing.
Criminals readily exploit the fast moving pace of technology in the financial sector using new payment methods like cryptocurrency.
As the Financial Action Task Force has stressed, it is necessary for financial sector actors and regulators need to better understand how cryptocurrencies work and how can they be abused by criminals.
On the grounds of criminality, African Development Bank have upskilled its staff in crypto currencies and anti-money Laundering. The four-day training was delivered by the International Centre for Asset Recovery (ICAR) training team of the Basel Institute of Governance and participants include investigators, prosecutors and investigating judges from 16 francophone African countries and a team from the Bank’s Office of Integrity and Anti-Corruption (PIAC).
In an effort to help stakeholders from all sectors improve their understanding of cryptocurrencies, and be upskill at tracing suspect transactions through the blockchain, the training team also offers a course open to registration by individuals, institutions or companies from the public and private sectors.
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