Exchange of experience with Central Asian countries on possible abuses of virtual assets

Promoting transparency and action against economic crime

Over the recent years the countries of Central Asia have pursued reforms designed to prevent and punish corrupt practices in order to improve business climate in the region and promote sustainable economic development for the benefit of all. The present Action aims to contribute to improving the conditions for businesses and to enhancing the quality of anti-corruption systems across the region. The Action comprises two components: 1) Business integrity and compliance; 2) Anti-corruption, anti-money laundering and asset recovery systems.

Business integrity and compliance

Enhancing transparency, business integrity and the protection of rights of entrepreneurs is one of the priorities of the countries of the Central Asian region. The current Action focuses on establishing mechanisms and enhancing capacities to address extortion and solicitation from businesses, reducing administrative barriers and enhancing compliance across the business sector. On the regional level, the aim of the intervention is to establish effective mechanisms for sharing good practices and to contribute to developing a clearer understanding of the common regional and cross-border corruption risks facing the business sector. On the national level, the Action focuses on the specific priorities of the respective countries in the abovementioned thematic areas and seeks to provide tailor-made assistance to reforms.

Anti-corruption, anti-money laundering and asset recovery systems

Work in this area concentrates on improving mechanisms and capacities of authorities, including law enforcement, to prevent and tackle corruption, money laundering and economic crime as well as on strengthening national systems to combat money laundering and terrorism financing. The regional dimension of the component includes conducting studies on corruption and economic crime focusing on specific regional risks and threats, and regional cascade training programmes for law enforcement personnel and civil service staff. The national dimension focuses on the specific needs and demand, depending on the national contexts and reform processes.

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Back Exchange of experience with Central Asian countries on possible abuses of virtual assets

The Council of Europe organised a two-day workshop on “Preventing the abuse of virtual assets – tools and comparative experiences against economic crime” on 24-25 October 2023 in Strasbourg (France).

This inter-regional workshop brought together more than 50 representatives of Ministries, Financial Intelligence Units, Central Banks, Prosecutors’ offices, Anti-corruption agencies and other institutions from 12 jurisdictions including Central Asian countries.

The aim of the event was to increase the practical knowledge and awareness of the potential misuse of virtual assets for illicit activities and to discuss regulation and best practice in introducing risk mitigation measures.

Presentations by the Financial Intelligence Units of Bulgaria, Lithuania and Poland, as well as by the Central Bank of Ireland, gave participants the opportunity to learn first-hand experiences about the practical challenges and advantages of the various alternative regulatory models for virtual assets service providers.

Participants discussed the application of international standards, alternative regulatory, institutional frameworks and common potential risks for the misuse of virtual assets for economic crime purposes, and issues related to the freezing, seizure and recovery of virtual assets.

The workshop was co-organised by the Action “Promoting Transparency and Action against Economic Crime” of the Central Asia Rule of Law Programme 2020-2024, a joint initiative co-funded by the European Union and the Council of Europe and implemented by the Council of Europe.

Strasbourg (France) 24-25 October 2023