The EU funded TRACE project aims to trace illicit money flows in various organised crime schemes by utilisation of cutting edge AI technology.
The TRACE Consortium met in Tallinn on 12-13 September 2022, to assess our progress and coordinate the upcoming tasks.
The project meeting, kindly hosted by the Estonian Tax and Customs Board, started with a welcome from the Director General, Raigo Uukkivi, the Head of the Department of Investigation, Rain Kuus, and Prof Umut Turksen who leads the project.
Representatives from Salv, a money laundering prevention company established in Estonia, were also invited to the meeting and presented the company’s technologies (the Anti Money Laundering Bridge platform) that help financial institutions fight financial crime.
The remaining part of the meeting covered the development of the infrastructure of the TRACE AI systems, data collection and case studies and the second day of the meeting focused on the upcoming tasks and events for the Consortium.
Over the course of the two-day event, fruitful discussions were had on the ethical and legal compliance safeguards adopted by the project as well as the ongoing legal and policy developments at the EU level. One of the advisory members of the Consortium confirmed that TRACE is likely to produce an impactful tool for more effective and efficient investigations of money laundering, terrorist financing and ransomware cases.
The next meeting for the TRACE Consortium will take place in Brussels in January 2023 for the mid-project review conducted by the EU Commission.