The virtual asset industry is rapidly growing due to innovation, creating new financial opportunities. However, this growth also brings risks, particularly those related to financial crimes. Investigative journalism plays a crucial role in uncovering illegal schemes involving virtual assets, contributing to the improvement of regulatory mechanisms and the adoption of new legislation to prevent abuse.

The aim of the course was to provide investigative journalists and representatives of civil society with a deeper understanding of financial crimes related to virtual assets. The programme consisted of two online sessions covering the fundamentals of virtual assets, their regulation in Ukraine, and current challenges in combating illicit financial flows.

• The first session focused on the basic concepts of virtual assets and their operational principles. Participants learned about methods of committing financial crimes using parasitic virtual asset service providers (VASPs), shell companies, and mixers. The session also explored attempts to bypass VASP controls and money laundering schemes. The lecture was delivered by Allison Owen, a virtual asset expert at the CFS at RUSI.
• The second session addressed the regulation of virtual assets in Ukraine. Oksana Ihnatenko, CFI’s Managing Director, analysed two alternative draft laws on virtual asset regulation. She also discussed the role of virtual assets in providing aid since the beginning of Russia’s full-scale invasion and outlined the potential benefits of using virtual assets for reconstruction efforts.
• Oleh Vasko, Deputy Director of the Financial Investigations Department of the State Financial Monitoring Service of Ukraine (SFMS), presented examples of the investigative cases. He provided insights into criminal schemes and offered recommendations for journalists on key aspects to consider when investigating financial crimes involving virtual assets.

At the CFI, we are confident that the knowledge gained will enable investigative journalists to uncover illegal schemes more effectively and contribute to greater financial transparency.

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