Project Update
OSCE workshop in Baku strengthens capacities on licensing, supervision and AML/CFT implementation for virtual assets
- Issued on:
- Issued by:
- Office of the Co-ordinator of OSCE Economic and Environmental Activities, OSCE Secretariat
- Fields of work:
- Economic activities, Good governance
A two-day OSCE workshop held in Baku on 13 and 14 July 2026 brought together 21 representatives from the Financial Monitoring Service of Azerbaijan and the Central Bank of Azerbaijan. The event aimed to strengthen participants' knowledge and practical skills in licensing, supervision, and implementation of anti-money laundering and countering the financing of terrorism (AML/CFT) for virtual assets and virtual asset service providers (VASPs).
The workshop combined expert presentations with interactive practical exercises. Participants created and managed cryptocurrency wallets, traced simulated blockchain transactions, analyzed real-world case studies, and explored legislative and regulatory measures to strengthen Azerbaijan's framework for virtual assets. Sessions also covered international approaches to virtual asset regulation, global trends in adoption, VASP licensing and registration, supervisory and compliance requirements, suspicious transaction reporting, and mechanisms for co-operation and information-sharing between financial intelligence units and regulatory authorities.
"Virtual assets and cryptocurrencies offer significant opportunities for innovation and economic growth. At the same time, they can be exploited for money laundering, fraud, sanctions evasion and other illicit activities that threaten the integrity of financial systems," said Vera Strobachova-Budway, Head of the Economic Governance Unit at the OSCE Office of the Co-ordinator of Economic and Environmental Activities (OCEEA), in her opening remarks. "The OSCE supports participating States by raising awareness of these risks and strengthening the capacities of policymakers, regulators, supervisors, financial intelligence units and law enforcement authorities to address them effectively."
"Azerbaijan is making important progress in this area. The United Kingdom has been pleased to support the country's journey, and we welcome the continued engagement of the Central Bank and the Financial Monitoring Service. We also value the strong partnership that has developed through this OSCE project, which has strengthened dialogue and enabled us to work together on broader issues related to financial integrity and emerging technologies," said Duncan Norman, His Majesty's Ambassador to the Republic of Azerbaijan.
The workshop concluded with a forward-looking discussion on Azerbaijan's next steps in strengthening its regulatory and supervisory framework for virtual assets. Participants received OSCE certificates of completion.
The workshop was organized as part of the OSCE extrabudgetary project Innovative Policy Solutions to Mitigate Money Laundering Risks of Virtual Assets, implemented by the Office of the Co-ordinator of OSCE Economic and Environmental Activities, and funded by Germany, Italy, Poland, Romania, the United Kingdom, and the United States.