The technological revolution of the 21st Century has brought with it challenges to administration of justice with increasing use of cyberspace. Meanwhile, the regulation of cryptocurrencies, for example – bitcoin, is yet to be fully understood. While East African Community member states including Rwanda, have individual regulations regarding money laundering and cryptocurrencies, their capacity is limited. This has impeded investigation and prosecution activity in recovery and tracing of resources that are lost through financial scams and illicit money transfers.
Against this backdrop, the AGA-Africa Programme collaborated with the Institute of Legal Practice and Development (ILPD) on a highly engaging workshop titled ‘Cryptocurrencies and Trade-Based Money Laundering’ held on 17th–18th October, 2023, in Nyanza, Rwanda.
The workshop brought together officers from the Ministry of Justice, the judiciary, among other stakeholders. They were joined by regional and international subject matter experts from Kenya, Uganda and the United States.
The workshop was aimed at equipping the participants with the skills and knowledge to identify and investigate trade-based illicit activities.
Ag. Rector, Dr. Yves Sezirahiga, Acting Rector and Vice-Rector in Charge of Academic and Research Affairs, Institute of Legal Practice and Development, kicked off the workshop with opening remarks.
Speaking at the opening, AGA-Africa Programme International Advisor John Edozie observed that the growth of cryptocurrency usage has been remarkable, permeating virtually every country and industry. He argued, however: “With this expansion comes an alarming rise in its misuse for various criminal activities, particularly in the realm of trade-based money laundering.”
The interactive sessions were facilitated by Clayton Friedman, Partner, Troutman Pepper, Kenneth Muhangi, Partner, KTA Advocates and Chair of the Inaugural East Africa Alex Osunga, Security Operations Center, Technical Lead, @iLabAfrica, Jimmy Haguma, Chief Security Officer, Uganda Communications Commission and Mercy Buku, AML/CFT Legal and Risk Management Consultant in the Banking and Digital Financial Services Sector.
Ag. Rector Dr. Yves Sezirahiga gave closing remarks, officially bringing the workshop to a close.
Workshop Outcome
Through this workshop the participants:
- Gained an understanding of the risks of the trade based money laundering and cryptocurrency related crimes and the danger they pose in Rwanda.
- Were equipped with the necessary tools to effectively identify trade transactions which are facilitated by money launderers and terrorist financiers.
- Gained insights on the current trends of illicit movement of funds across the borders of Rwanda.
