Virtual assets

Latin American practitioners join forces against evolving financial crime

Cryptoassets are transforming the work of investigators, prosecutors and asset recovery specialists across Latin America. At a dedicated workshop in Luxembourg, more than 30 practitioners came together to share how they are responding to the challenge – with practical solutions, strong regional leadership and a readiness to learn from one another. The workshop was co-organised by the Basel Institute on Governance and the UK National Crime Agency NCA . It was hosted by Luxembourg’s Bureau de gestion des avoirs as a side event to the 10th Global Conference on Criminal Finances and Cryptoassets. Participants came from prosecution services, police forces, financial intelligence units, supervisory authorities and the judiciary. As members of the Latin America Crypto Community of Practice, they share a determination to confront the rapid growth of cryptoassets and their exploitation by organised crime. Regional leadership in action The workshop placed the region’s own expertise at its centre. Practitioners from Argentina, Brazil, Colombia and Peru presented cases involving cryptoassets and asset recovery. They shared the approaches they had tested, the obstacles they had encountered and the lessons they had learned. The discussions reflected the tremendous effort taking place across Latin America. Practitioners are tackling complex technical, legal and operational questions, often while the risks, technologies and criminal methods continue to evolve. Maria Cordeiro, Senior Specialist, Asset Recovery at the Basel Institute and coordinator of the Latin America Crypto Community of Practice, said: The commitment and creativity of practitioners across Latin America are remarkable. They are not waiting for perfect laws, unlimited resources or ready-made solutions. They are getting to grips with difficult cases, testing practical approaches and helping one another move forward. That passion and leadership are exactly what this community is designed to support. Working through shared challenges Participants worked together on practical challenges related to the seizure, confiscation, custody, management and sale of cryptoassets. The discussions were frank and focused on finding workable solutions. Held in Spanish and under the Chatham House rule, the workshop provided a trusted space in which practitioners could speak openly and learn from their peers. The group also explored ways to strengthen cooperation against organised crime, illicit trafficking and other threats involving cryptoassets. These crimes operate across borders, making strong professional relationships and rapid information exchange essential. The workshop was opened by Oscar Solórzano, Director for Latin America at the Basel Institute’s International Centre for Asset Recovery. Perla, a subject matter expert from the UK National Crime Agency NCA , co-moderated the session. Partnerships and looking forward We thank the NCA for co-organising the workshop under its Illicit Finance programme in Latin America and the Luxembourg Bureau de gestion des avoirs for hosting it so generously. We are also grateful to the NCA, the US Bureau of International Narcotics and Law Enforcement Affairs INL in Colombia, Ecuador, Mexico and Peru, and the International Criminal Investigative Training Assistance Program ICITAP in Colombia for funding the participation of practitioners in the workshop and the Global Conference. We also thank current sponsors of our Latin America Crypto Community of Practice for their support for this practitioner-led exchange: Kodex, Asset Reality, Tradias, VerifyVASP, Inca Digital, Coinbase, TRM Labs and CAT Labs. The workshop showed the value of bringing committed practitioners together around real cases and shared challenges. Discussions are already underway about a dedicated Latin America Crypto & Asset Recovery Conference in 2027.

African expertise takes centre stage at crypto and asset recovery workshop

Around 40 public-sector practitioners gathered in Luxembourg on 17 September 2026 for the Africa Crypto & Asset Recovery Workshop. The event put African experience, innovation and talent at the heart of discussions on cryptoasset investigations and asset recovery. Held as a side event to the 10th Global Conference on Criminal Finances and Cryptoassets, the workshop brought together specialists from financial intelligence units, law enforcement agencies, prosecution authorities, regulators and asset recovery bodies. Participants represented more than 15 African countries. The Basel Institute on Governance co-organised the workshop with the SecFin Africa. It was hosted by Luxembourg’s Bureau de gestion des avoirs. Learning from African experience The workshop was designed around peer learning. Practitioners from Cameroon, the Democratic Republic of the Congo, Kenya, Namibia, Nigeria, Sierra Leone and South Africa presented real cases to their regional peers. They spoke openly about the obstacles they had encountered and the practical approaches they had developed to overcome them. The workshop took place under the Chatham House rule. Participation was restricted to public-sector officials to provide a safe space for candid discussion, questions and learning. This practitioner-led approach is central to the Africa Crypto & Asset Recovery Network. The Network recognises that valuable expertise and creative solutions already exist across the continent. Its role is to help practitioners share this knowledge, learn from one another and build trusted relationships across institutions and borders. As H.E. Ambassador Mary Chirwa, Ambassador of Zambia to the Benelux countries, said in her closing remarks at the main conference: I can speak for Africa: it may not have the same resources as other regions, but it has large, young and technologically astute populations – quick to embrace new technologies, question established approaches and find imaginative solutions. Practical tools and international cooperation The workshop also introduced practical tools that can support investigations and asset recovery. - Alexandru Donciu, Virtual Assets Specialist at the Basel Institute, demonstrated free and open-source tools for conducting on-chain investigations. - A representative of the French Gendarmerie and France’s Agency for the Management and Recovery of Seized and Confiscated Assets AGRASC presented ASAC. The application guides magistrates and investigators through procedures for tracing, seizing and confiscating criminal assets. - A Europol representative illuminated the work and approach of the European Financial and Economic Crime Centre and its collaborations with global law enforcement partners. The contributions from international partners highlighted the importance of connecting strong regional networks across continents. Cryptoassets move globally and effective investigations depend on cooperation that does the same. Connections that last beyond Luxembourg Many of the participants also attended the main Global Conference on 15–16 September. This gave the large African delegation opportunities to exchange experience with hundreds of peers from law enforcement, policymaking, research and the private sector. These face-to-face connections matter. They build the trust that makes it easier to pick up the phone when an urgent cross-border case arises. Our sincere thanks go to SecFin Africa and to the workshop’s co-moderators, Philippe Pacaud, Operational Coordinator at SecFin Africa, and Simon Marsh, Head of Africa at the Basel Institute’s International Centre for Asset Recovery. SecFin Africa is funded by the European Union, France and Germany. We also gratefully acknowledge the organisations supporting the Africa Crypto & Asset Recovery Network: Kodex, Asset Reality, Tradias, VerifyVASP, Coinbase, TRM Labs, CAT Labs and iSanctuary. Their support helps make this public-sector community and its activities possible while preserving a trusted and product-free space for practitioner exchange. The enthusiasm in Luxembourg also raised an exciting possibility: a dedicated Africa Crypto & Asset Recovery Conference in 2027. Watch this space.

New tools and partnerships strengthen the response to criminal use of cryptoassets

Criminal use of cryptoassets is spreading across the threat landscape as these technologies become more accessible and integrated into global financial systems. But this pressure is also accelerating innovation and collaboration among those fighting back – across law enforcement, industry, research and policy. The strength of that combined response was on show at the 10th Global Conference on Criminal Finances and Cryptoassets on 15–16 September 2026. Co-organised by Europol, United Nations Office on Drugs and Crime UNODC and the Basel Institute on Governance and hosted this year by Luxembourg’s Bureau de gestion des avoirs BGA , the conference brought 450 specialists from nearly 90 jurisdictions to the European Convention Center Luxembourg. More than 2,000 people registered online. Iker Lekuona, Director of the Basel Institute’s International Centre for Asset Recovery and co-chair of the conference’s first day, said: We are proud to help bring together such an impressive community of experienced and emerging experts from the public and private sectors, representing so many countries and backgrounds. The energy was palpable. It will help spread and scale the effective tools and approaches shared here, and drive progress on common standards and innovative models of law enforcement and public-private cooperation. Innovation on show Cases presented at the conference illustrated how cryptoassets now feature in cyber attacks, sanctions evasion, terrorist financing, sabotage and political interference. Other sessions exposed the human cost of scams, trafficking and “wrench attacks”, in which criminals use violence to force cryptoasset transfers. Yet the sessions also showcased new ways in which authorities and their partners are responding. The hybrid conference – with the second day reserved for public authorities – showcased: - Advanced tools and techniques for identifying, tracing and seizing illicit cryptoassets, and for dismantling the criminal and money laundering networks behind them. - Cross-border cooperation that is enabling authorities to identify, freeze and secure cryptoassets before they can be moved beyond reach. - New public-private partnerships for sharing operational intelligence on active cases, as well as strategic intelligence on emerging threats and indicators that can help others detect similar activity. - New legal powers, procedures and technologies for securing and managing seized cryptoassets and preserving their value through to final recovery and return to victims or the state. Several of these advances can benefit cases that do not involve cryptoassets. Network analysis, faster intelligence-sharing and closer coordination between investigators, prosecutors and asset recovery specialists can strengthen wider financial investigations and asset recovery efforts. Collaboration builds trust The conference also marked an important step in efforts to develop common baseline standards for blockchain intelligence. A technical breakout brought together representatives of blockchain analytics providers, law enforcement agencies and research organisations. Participants explored how common terminology, data formats and analytical approaches could make blockchain intelligence more consistent and interoperable. This matters because investigators, prosecutors, financial institutions, crypto exchanges, regulators and supervisors increasingly rely on the information these tools produce. Clearer standards can support more consistent customer due diligence and more reliable investigative leads. They can also help ensure that evidence can be explained, challenged and tested in court. A separate breakout led by the Wolfsberg Group examined common problems in suspicious transaction reporting involving cryptoassets. Financial institutions, cryptoasset service providers and public authorities discussed how to make reports more consistent, efficient and useful to investigators. The sessions demonstrated that collaboration goes beyond individual cases. It also means building shared standards and systems that can strengthen broader efforts against crimes involving crypto. On the subject of trust and collaboration, H.E. Ambassador Mary Chirwa of Zambia, added in her closing remarks: Virtual participation greatly expands access, but meeting in person remains essential to building trust. When an urgent cross-border case arises, it helps enormously if the person receiving the call is someone you have already met. Progress, but no room for complacency Significant blind spots remain. Criminal methods continue to evolve fast, regulation and enforcement remain uneven, and many authorities still lack the skills, tools or legal powers they need. But the cases presented on the conference stage and the solutions explored in its breakout rooms showed that authorities and their partners are already adapting their tools and working methods. The priority now is to scale what works: expand trusted regional and international networks, agree common standards, invest in practical capacity building and make effective models of public-private cooperation easier to replicate. About the conference The 10th Global Conference on Criminal Finances and Cryptoassets took place on 15–16 September 2026 at the European Convention Center Luxembourg and online. Three side events on 17 September deepened the practical discussions: - A hybrid Cryptoasset Management Roundtable, co-organised by Luxembourg’s BGA and the Basel Institute, brought together specialist asset management and recovery professionals to share insights and co-develop guidance on the effective management and liquidation of cryptoassets. - A workshop for African public-sector authorities saw more than 40 practitioners from 18 African countries exchanging cases, typologies and practical approaches with their peers. The workshop was a collaboration of the Basel Institute-led Africa Crypto & Asset Recovery Network and the SecFin Africa project, co-financed by the European Union. - A parallel Latin America Crypto & Asset Recovery Workshop, co-organised by the Basel Institute and the UK National Crime Agency under its Illicit Finance project, provided a similar space for around 30 practitioners from 10 countries across Latin America. Learn more - Learn more about the conference at: baselgovernance.org/10crc. - View selected recordings from the conference on the 10 Global Conference YouTube playlist. Photos: Neumann Jérôme Photography.

Six new certified trainers will scale financial investigation and asset recovery capacity in Romania

As part of a wider Swiss-Romanian Cooperation Programme, our International Centre for Asset Recovery ICAR has concluded a successful nine-month train-the-trainer TTT programme in Bucharest. Alongside delivering foundational money laundering and asset recovery training to 125 practitioners in total, the programme has certified six new local trainers. Equipped with ICAR’s unique training methodology, they are now ready to independently train their peers and help strengthen financial investigation and asset recovery capacity across Romania. Building sustainable national capacity The six trainers certified through the programme include one judge, four prosecutors and one representative of the National Agency for the Management of Seized Assets ANABI . Fully independently, they will now deliver a further 15 workshops across the country. This effort will effectively bring the total number of practitioners trained to around 500, including judges, prosecutors, specialists, ANABI inspectors and other relevant practitioners. This is a clear example of how train-the-trainer programmes are a proven approach to building sustainable national capacity. On one side, certified local trainers help ensure that knowledge and skills continue to be transferred even after a programme concludes. On the other side, participants benefit far more from learning from peers who understand their specific challenges and possibilities. Two critical legal tools in focus This time, the programme placed particular emphasis on two areas where practitioners can strengthen their response to financial crime: treating money laundering as a standalone offence and launching financial investigations from the earliest stages of a case. 1. The standalone money laundering offence A persistent challenge in money laundering investigations is the assumption that prosecutors must first prove or secure a conviction before pursuing money laundering charges. Under the Council of Europe's Warsaw Convention CETS No. 198, Art. 9 and EU Directive EU 2018/1673 on combating money laundering by criminal law, a conviction for money laundering actually requires neither a prior nor a simultaneous conviction for the predicate offence, nor that the predicate offence be established or identified with precision: prosecutors need only show that the property derives from criminal activity, not which specific crime generated it. As one of the newly certified trainers reflected: I highly valued the new perspective of setting aside the old view of placement, layering and integrating the proceeds of a crime in order to prove money laundering. … It was very useful the approach of covering as many areas as possible impacted by money laundering, like crypto assets, which I did not know almost anything about before, and asset recovery, which is not a topic very much considered in our practice. I was also very impressed how the concept of multi-stakeholder approach in fighting ML was reflected in setting up the groups for the practical exercise. 2. Systematic use of parallel financial investigations Another important approach is the systematic use of parallel financial investigations to identify and trace criminal assets from the outset of a case. This approach is now required under Directive EU 2024/1260 on asset recovery and confiscation, which obliges Member States to launch asset-tracing investigations alongside criminal investigations into high-revenue-generating crime, rather than waiting for a conviction before tracing assets. This shift is already visible in practice. One trainer wrote: I started talking to my colleagues about financial investigations and money laundering. I managed to send to court my first money laundering case, though not standalone, and I also started asking the police to start financial investigations from the beginning of the file. From training to real cases The effect of our training has also reached institutional level. One trainer reported: The management has started disseminating theoretical and practical materials on these topics, organising meetings and training sessions with practitioners and academics, and actively encouraging prosecutors to consider money laundering and asset recovery aspects in their cases. These initiatives have facilitated increased awareness and engagement within the institution. This is exactly the dual impact we seek through the Train-the-Trainer model: a sustainable, independently delivered training capacity, paired with a genuine shift in how practitioners approach financial investigations in their daily work and how their institutions prioritise it. With the first independently delivered workshops planned for September 2026, our ICAR training team looks forward to following the six newly certified trainers and seeing their work generate further impact across Romania. Update: From onsite to online training settings Our interactive ICAR training on financial investigations and asset recovery is also adapted to online delivery. Building sustainable national capacity also means transferring this experience to local trainers. On 16–18 September 2026, the six Romanian trainers joined us at our headquarters in Basel for a mentoring session on online training development. Participants learned about: - the specificities of training logistics for online delivery; - the use of polls, quizzes and interactive tools; - the use of videoconferencing functionalities; and - the use of breakout rooms for multi-agency group work on simulated investigations. The session also covered how the e-Learning platform specifically developed with the Romanian Prosecutor's Office attached to the High Court of Cassation and Justice PICCJ and the National Institute of Magistracy INM can be managed for online delivery. The certified trainers are now equipped to independently deliver the financial investigation and asset recovery workshops to their peers online, as well as onsite. About the programme This TTT was part of the Component 3 Strengthening the institutional capacity in the area of financial investigations and asset recovery – FIARS of a larger Swiss-Romanian Cooperation Programme. This component is implemented by PICCJ as component operator, in partnership with the INM and the Basel Institute on Governance as the Swiss partner.

The powerful role of investigative journalists in tackling crypto-related crime (and what would boost it)

How can investigative journalists help expose crypto-related crime – and educate both the public and policymakers in an increasingly complex financial landscape? That was the knot unravelled in a recent webinar jointly organised by the Basel Institute on Governance and the Organization for Security and Co-operation in Europe OSCE , and moderated by Dr Jolly Mtaba of Malawi University of Business and Applied Sciences. Speakers spanning investigative journalism, law enforcement and public-private cooperation discussed the opportunities and challenges of investigating illicit activity involving virtual assets. They also probed the skills and collaborations needed to turn media investigations into on-the-ground impact on public awareness, policy advancement and law enforcement action. Below are some of the key takeaways from the discussion. Why does investigative journalism matter in the fight against crypto-related crime? According to investigative journalist Geoff White , journalists play two critical roles. One is investigative: uncovering wrongdoing, exposing weaknesses in systems and shining a light on fraud, corruption and money laundering. The other is educational. Many people have heard of cryptocurrency, but far fewer understand how it works, how it can be misused or why it can create opportunities for criminals. Journalists therefore have an important role in helping the public, policymakers and law enforcement agencies understand increasingly complex financial crime risks. As White noted, and has sought to do in his latest book Rinsed and podcast series The Lazarus Heist , there's the explanation piece, and then there's also the investigation and the forcing daylight into this industry. What makes crypto investigations different? The panellists agreed that crypto-related investigative reporting presents unique challenges. Spencer Woodman of the International Consortium of Investigative Journalists ICIJ gave an example from the ICIJ’s Coin Laundry investigation. He explained that while many aspects of crypto investigations resemble traditional money laundering investigations, aspects such as self-custody wallets and crypto-to-cash services introduce a new level of complexity. Unlike traditional financial accounts, self-custody wallets can be created quickly, anonymously and without the involvement of a financial institution, he explained: One thing that amazed me in this investigation was figuring out how easy it is to make my own self-custody wallet. You can generate these things at the click of a button, and that’s one reason scammers have such an easy time laundering money in crypto. This makes tracing funds significantly more difficult, particularly when cryptocurrency is converted into cash through informal crypto-to-cash desks or courier services operating outside traditional regulatory frameworks. Building on White’s comments about the explanatory function of journalism, an additional challenge is explaining complex blockchain technology to the audience, said Woodman: These scoops and new pieces of information are often about complex financial dealings, and that's already difficult to explain to readers in a succinct way. And then you have this additional challenge of having to explain what cryptocurrency is at a more basic level to a general readership. So the stories are serving a dual purpose – explaining the complex ins and outs of crypto, and then trying to explain the often complicated findings of our investigation. Can investigative journalism lead to real-world action? The answer is a clear yes. Alexandra Gillies of the Organized Crime and Corruption Reporting Project OCCRP highlighted several investigations that led to concrete outcomes. After one investigation into the Lithuanian crypto company Bankera, the Lithuanian authorities launched a criminal investigation and conducted more than 30 raids of companies connected to the case. Two banks in Lithuania and Vanuatu faced consequences too. Another OCCRP investigation uncovered links between two UK-registered crypto exchanges and suspected Iranian money laundering networks. Following publication, the companies were removed from the UK corporate register. She explained: At OCCRP we take a proactive approach. First, through outreach to people who can use the information, such as the briefings we gave to law enforcement agencies and policymakers about the findings of our big Scam Empire project. Second by collaborating with civil society organisations such as Transparency International – where the journalists do their reporting, and then the civil society groups push for policy change, or for accountability and legal consequences for those involved in the wrongdoing. This has worked really well on a number of corruption issues. Moderator Dr Jolly Ntaba added an example from Malawi, where a collaborative corruption investigation by journalists sparked a national debate and led to a presidential directive aimed at addressing some of the issues uncovered. How can journalists and law enforcement work together without compromising independence? This was one of the webinar's central themes. Eric van der Schild , Head of Europol's Financial Intelligence Public Private Partnership EFIPPP , emphasised that trust is essential. Journalists and law enforcement agencies have different mandates and operate under different constraints, but both share an interest in exposing criminal activity and improving public safety. He and other panellists stressed that cooperation does not mean sharing unpublished information or compromising journalistic independence. Gillies clarified that OCCRP's engagement with law enforcement takes place after publication and is based on publicly available reporting: The way we share information is by publishing stories. Instead, panellists highlighted the value of dialogue, mutual learning and ensuring that investigative findings reach the institutions best placed to act on them. The old adage remains true, said van der Schild: Trust arrives on foot and leaves on horseback. What skills do journalists need to investigate crypto-related crime? Several panellists highlighted the growing need for specialist expertise. Tom Walugembe of the Basel Institute’s International Centre for Asset Recovery pointed to a range of skills that can strengthen investigative reporting, including financial analysis, open source intelligence techniques and a better understanding of asset recovery mechanisms. He also emphasised the importance of understanding how law enforcement agencies conduct investigations and cooperate across borders. The need for such skills beyond law enforcement is the main driver of the Basel Institute’s development of a new course on financial investigations and asset recovery directed specifically at civil society organisations and investigative journalists. Woodman argued that journalists do not need to become blockchain specialists overnight. However, they do need a solid understanding of the basics: The best way to operate, in my opinion, as a reporter focusing on crypto, is to build some capacity and understanding of how to use public blockchain explorers. That foundation allows journalists to engage more effectively with technical experts and critically assess the information they receive: There are things in the metadata of those transactions that can really trip you up… relationships with experts are crucial, but it’s never very helpful to go to an expert and say: tell me everything about what I’m looking at here. You need to look at the thing yourself and then say: am I looking at this correctly? Are there enough resources and expertise available? Not yet. Both OCCRP and ICIJ described ongoing efforts to build internal expertise on cryptocurrency and blockchain analysis. One challenge is that many media organisations rely on commercial blockchain analytics providers, which can be expensive and may have potential conflicts of interest due to their relationships with industry clients. As a result, several speakers stressed the importance of building in-house expertise. Gillies noted that investigative journalism increasingly requires multidisciplinary teams capable of combining traditional reporting skills with technical and financial expertise. At the OCCRP, they are keen to strengthen collaboration with academic researchers and data scientists, she said. What challenges do journalists face? Apart from the omnipresent challenges of resources and expertise, the risks associated with investigating crypto-related crime are often the same risks faced by journalists investigating corruption, organised crime and money laundering more broadly. These include legal threats, cyberattacks, political pressure and, in some countries, threats to personal safety. In response to a question from the audience, panellists emphasised the impact of declining press freedom. Restrictions on independent journalism can lead to self-censorship, force journalists into exile and reduce the amount of actionable information that reaches the public domain. Gillies said: There’s a lot of stress and distraction that comes from managing repression. The panellists agreed that protecting press freedom is essential if investigative journalism is to continue playing an effective accountability role. It’s in governments’ interests to “take that issue seriously and put it at the top of the agenda”, including both legal protections and adequate resourcing. What was the overall message? The webinar highlighted that cracking down on crypto-related crime is a complex challenge that is evolving at a dizzying rate and that requires all hands on deck. Investigative journalists, law enforcement agencies, civil society organisations, researchers and policymakers each bring different strengths to that effort. And though the technology may be evolving rapidly, the aim remains the same: follow the money, expose wrongdoing, ensure that those responsible are held accountable and strengthen policies to protect people, businesses and states. As the discussion demonstrated, investigative journalism continues to be one of the most powerful tools available for achieving that goal. Learn more ::: links - View the webinar recording on YouTube - Read about the role of international and non-profit organisations in tackling crypto-related crime, drawing on another Basel Institute–OSCE webinar and insights from UNODC, the FIU :::

A race against time: Europol – Basel Institute on Governance recommendations on preventing and combating the criminal use of cryptocurrencies

Quick Guide 1: Cryptocurrencies and money laundering investigations

Seizing the opportunity: 5 recommendations for crypto assets-related crime and money laundering

Working Paper 38: Cryptocurrencies in Asia and beyond: law, regulation and enforcement

Combating virtual assets-based money laundering and crypto-enabled crime: Recommendations of the Tripartite Working Group on Criminal Finances and Cryptocurrencies