EAG Secretariat participates in the UNODC Expert Working Group meeting on ML

The United Nations Office on Drugs and Crime (UNODC), through its Global Programme against Money-Laundering, Proceeds of Crime, and the Financing of Terrorism (GPML), 16-19 July 2024 in Vienna organized Financial Disruption Workshop, including on Professional Money Laundering Networks (PMLN) and on use of Virtual Assets for Money Laundering and Terrorism Financing purposes.

To further promote and strengthen international cooperation in combating the harmful effects of illicit financial flows resulting from criminal activities, workshop participants will discuss the following objectives:

• recent changes in the modus operandi of international controller networks;
• the use high-value commodities, such as gold, in professional money-laundering activity;
• the use of underground banking networks to support terrorism financing;
• the use of alternative banking platforms and electronic money institutions by professional money laundering networks;
• mechanisms for the detection of over-the-counter (OTC) cryptocurrency brokers, including those nested on large Virtual Assets Service Providers;
• mechanisms for the detection of underground Virtual Assets Service Providers;
• exchange of gold (and other commodities) for virtual assets.

The EAG Secretariat gave a presentation on "Methodology and practical experience in countering the criminal use of cryptocurrencies"  based on the best practices of the Member States.