Loading...

Ukraine receives crypto investigation training from US IRS and Chainalysis

TL;DR

  • US IRS and Chainalysis train Ukrainian agencies to trace illicit crypto transactions.
  • IRS provides advanced training and Chainalysis Reactor tool to Ukraine.
  • Efforts ramp up due to warnings of Russian sanction evasions and money laundering.

In an international move to intensify the clampdown on those avoiding cryptocurrency sanctions imposed on Russia, the United States Internal Revenue Service (IRS) has joined forces with the blockchain intelligence company, Chainalysis. This collaboration aims to equip and guide Ukraine’s law enforcement agencies to conduct comprehensive investigations to unveil those who are illicitly safeguarding their assets. This development follows more than a year after Russia’s invasive actions in Ukraine, which led to many high-profile Russian nationals hurriedly hiding their assets.

Ukraine

IRS offers advanced training to Ukrainian investigators

As reported by the Wall Street Journal, Ukrainian law enforcement and investigative units are set to participate in an intensive, week-long training program located in Frankfurt, Germany. The IRS’s criminal investigation division will offer this hands-on, high-level training. This initiative will enhance the ability of Ukrainian investigators to uncover and trace illegal crypto transactions and financial networks that sanctioned Russian entities use.

Since Russia’s invasion of Ukraine in February last year, the IRS has proactively participated in examining potential sanction violations. The tax authority is currently engaged in 23 sanctions-related investigations. As part of its partnership with Ukraine, the IRS will extend its cyber training to various Ukrainian entities, including the National Police, the Economic Security Bureau, the Security Service, and the Prosecutor General’s Office.

Yurii Vykhodets, the Head of the Cyber Department at the National Police of Ukraine, emphasized that one focal point is identifying and eliminating the support hubs for occupation forces that raise funds for war necessities. He noted, “We often see fundraising campaigns conducted with the use of cryptocurrency.”

Ukrainian authorities receive access to Chainalysis reactor

In addition to the training, the IRS disclosed that it facilitated Ukraine’s access to the Chainalysis Reactor, an investigative tool specifically designed by the blockchain intelligence firm for crypto investigations. The U.S. agency has provided Ukrainian authorities with licenses to utilize this tool, expected to be instrumental in tracking and identifying individuals attempting to evade Russian sanctions.

This cooperative effort follows numerous alerts from U.S. regulators and policymakers concerning potential sanction evasions and money laundering activities by Russian nationals. Through this partnership, the IRS, Chainalysis, and Ukraine signal a determined effort to combat illicit crypto activities and uphold the integrity of imposed sanctions.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Share link:

Mohammad Shahid

An IT and Cybersecurity graduate with specialized knowledge of cryptocurrency and blockchain, Mohammad joins the Repo elite team. He has worked on several blockchain development projects and is an enthusiastic crypto trader.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

RootData raises a $1.25 million Seed fund to enable users in web3 ecosystem
Cryptopolitan
Subscribe to CryptoPolitan