Thierry Ravalomanda
Head, Training ICAR
Thierry Ravalomanda is Head of Training at the Basel Institute’s International Centre of Asset Recovery (ICAR). In this role he oversees, coordinates and delivers technical training programmes in financial investigations and asset recovery for developing and transition countries.
Thierry is also co-lead of a cross-cutting training and learning platform initiative and a member of the Extended Management Team.
Originally a judicial officer from Madagascar, Thierry joined the ICAR Training Team in 2015 as a Senior Asset Recovery Specialist. He was promoted to his current role in July 2023, having previously served as Deputy Head of Training ICAR.
Thierry obtained his Masters in Law from the French University of Reunion Island and was afterwards admitted to the École Nationale de la Magistrature et des Greffes in Antananarivo, Madagascar. Here he obtained his diploma of aptitude for the profession of magistrate, qualifying him to be a judge or a prosecutor.
He was first appointed as a Deputy Public Prosecutor in the First Instance Court of Antananarivo and specialised in anti-corruption by joining the newly formed Anti Corruption Judiciary Unit. He was in charge of the investigation and prosecution of large-scale corruption cases and other economic and financial crimes and attended various relevant training courses offered by different international institutions.
After five years working as a prosecutor, Thierry was appointed as the head of the legal department of the Financial Intelligence Unit of Madagascar. Leading a team of analysts and intelligence officers, he conducted the gathering of information and intelligence analysis to unveil possible money laundering and terrorist financing activities and wrote intelligence reports that were sent to the Public Prosecutor for further investigation.
He was personally in charge of the analysis of complex and sensitive cases. Part of his assignment was to provide training and technical assistance to AML/CFT national stakeholders, especially to key law enforcement agencies and judicial officers. He contributed significantly to the writing of a handbook on anti-money laundering for prosecutors and judges. He was also in charge of international co-operation, working closely with the judiciary and law enforcement agencies of partner countries.
Publications
Quick Guide 22: Analysing a suspect’s financial affairs in a corruption case
This quick guide explains how investigators and prosecutors can use Source and Application of Funds analysis to inform corruption and money laundering investigations and prosecutions and to generate evidence for use in court.
The method enables anti-corruption officers to build financial profiles of suspects by systematically calculating the amount of money that the suspect has accumulated and spent during a particular period, compared to their legal and known income.
It is authored by the Training team of the International Centre for Asset Recovery, which trains law anti-corruption officers around the world in the use of Source and Application of Funds analysis as part of financial investigations and criminal proceedings for corruption and money laundering offences.
The Basel Institute also provides a free eLearning course on Source and Application of Funds analysis and has published a technical guidance document on the method with specific application to illicit enrichment cases.
About this Quick Guide
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. It is part of the Basel Institute on Governance Quick Guide series, ISSN 2673-5229.
Quick Guide 7: The role of FIUs in asset recovery
Practically every country has a Financial Intelligence Unit (FIU) and it plays a vital role in combating money laundering and other financial crimes. Yet there is often confusion – even among anti-corruption authorities – about how it works, what it can and can’t do, and what value it brings.
Thierry Ravalomanda, Senior Asset Recovery Specialist offers a quick overview.
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. It is part of the Basel Institute on Governance Quick Guide series, ISSN 2673-5229.
News and blog
Bridging intelligence and investigations: Advanced Operational Analysis training
A major blockage in financial crime cases lies in the space between intelligence and investigations. All too often, crucial financial intelligence from Financial Intelligence Units isn’t used effectively to trigger or advance investigations. One reason lies in the quality of the financial intelligence reports themselves, which may not match what investigators and prosecutors need. A related reason lies in poor cooperation between different agencies involved in the fight against financial crime. This blockage is a recurring challenge highlighted in evaluations of the effectiveness of countries’ frameworks for anti-money laundering and counter-financing of terrorism AML/CFT conducted by the Financial Action Task Force FATF . Many countries perform relatively well on Immediate Outcome 6 IO6 , an indicator that measures the effective generation and use of financial intelligence. However, the real difficulty lies in converting this into effective investigations IO7 and the confiscation of assets IO8 , where scores are consistently lower. Training to bridge the gap Advanced Operational Analysis training, which the training team of the Basel Institute’s International Centre for Asset Recovery ICAR conducts for government agencies around the world, is specifically designed to bridge this gap. Between May and July 2025, our training team delivered Advanced Operational Analysis training in Mozambique, Ecuador and Tanzania. The intensive week-long workshops brought together Financial Intelligence Unit analysts, investigators, prosecutors and other relevant practitioners in each country. The objective was to enhance the generation of financial intelligence that officers in investigation and prosecution agencies can act upon. The ultimate goal: successful money laundering investigations and the recovery of illicit assets. Transforming intelligence into operational leads The Advanced Operational Analysis training combines our eLearning module on Operational Analysis of Suspicious Transaction Reports with an extensive, instructor-led country-specific component. Participants work through a complex and realistic simulated case involving: Shell companies and offshore structures; Intricate and large volume of financial data Blockchain transactions and the tracing of virtual assets; Cross-border elements and international cooperation mechanisms. They plan and collect relevant information using the intelligence cycle, as outlined in the eLearning course. After analysing it, they present it in a format that helps investigative or prosecutorial authorities identify indicators of possible predicate and money laundering offences as well as proceeds of crime. The authorities must then corroborate this intelligence and convert into evidence. In this way, intelligence is transformed into operational leads. In Tanzania, participants stressed its immediate relevance: The course is very good and relevant to daily work. It helps in analysing financial information and preparing intelligence reports that can be used by investigators and prosecutors. I learned how to collect, process, and present financial intelligence in a way that supports investigations of money laundering and other financial crimes. Fostering cooperation between agencies A key objective of the Advanced Operational Analysis programme is to strengthen cooperation among the diverse actors in the fight against financial crime, from Financial Intelligence Units and prosecutors to law enforcement agencies and even compliance officers from commercial banks. In Mozambique, participants highlighted the benefits of this joint approach: The course allowed us to engage with professionals from other agencies. It helped clarify how different institutions can collaborate and use financial intelligence more effectively. Others noted how the practical group exercise mirrored real inter-agency dynamics: The methodology, especially the teamwork component, reflects how we should be working in real life — analysts, investigators, and prosecutors together. Putting knowledge into practice Across all three countries, participants described the course as directly applicable. The blend of theory, tools and simulated investigation work gave them the confidence to apply new skills immediately. One participant in Ecuador reflected: The practical case helped us think like investigators and apply analytical techniques in a structured way. Participants particularly valued the exposure to diverse methods of gathering and analysing financial data. These elements came together in the simulated case that integrated automated tools such as database and OSINT search, along with AI-powered interview simulations. By working in a setting that closely mirrored reality, participants were able to visualise how these skills could be applied in their daily work. Positive signs The training programmes in Mozambique and Tanzania were delivered as part of the Basel Institute’s country programmes, with support from the Swiss Agency for Development and Cooperation SDC . Both countries made significant progress in strengthening the effectiveness of their AML/CFT systems: the FATF confirmed Tanzania’s exit from its grey list of jurisdictions subject to increased monitoring in June 2025, while Mozambique’s Financial Intelligence Unit GiFIM joined the Egmont Group of Financial Intelligence Units in July 2025. Learn more View ICAR’s training programmes on financial investigations and asset recovery for government agencies. Interested in learning opportunities as an individual? Check out our free eLearning courses and our new advanced study programme with the University of Basel on Combating Financial Crime Through Asset Recovery. The Expert Edition Plus service of our Basel AML Index – a widely used country index and risk assessment tool for money laundering and related financial crimes – allows users to view countries’ individual performance under the FATF’s Recommendations and Immediate Outcomes. Subscription is free for public-sector and non-profit organisations.
Thierry Ravalomanda’s quick guide to the role of FIUs in asset recovery
Practically every country has a Financial Intelligence Unit FIU and it plays a vital role in combating money laundering and other financial crimes. Yet there is often confusion – even among anti-corruption authorities – about how it works, what it can and can’t do, and what value it brings. Here is a very quick overview. A vital buffer role One major role of an FIU is to help filter out potentially illegal financial transactions that should be further investigated by the police or other competent law enforcement authority. In a nutshell: Banks and other businesses that conduct transactions on behalf of clients sometimes notice a suspicious transaction but don’t have hard evidence of illegality. Instead of going directly to law enforcement, they first contact the country’s FIU to analyse the transaction and decide whether or not further action is needed. This buffer role is important not only for catching criminals but for recovering assets arising from their crimes. What can FIUs do? A Financial Intelligence Unit FIU is a central national agency. Its role is to receive, analyse and disseminate Suspicious Transaction Reports STRs or other financial information submitted by reporting entities . Most FIUs are independent administrative bodies. Some are established within the judicial branch of government and have additional powers, for example to conduct searches or seize assets. Others countries have so-called law enforcement FIUs with stronger investigative powers. You can see a full description of the different types of FIUs here. What is a reporting entity? Reporting entities are businesses that are legally obliged to put in place a preventive framework for anti-money laundering/countering financing of terrorism AML/CFT . There are two types: Financial institutions e.g. banks, insurance companies, currency exchange services ; Designated non financial businesses and professions e.g. lawyers, accountants, casinos . The preventive framework takes a risk-based approach and involves a set of measures with acronyms like CDD customer due diligence , EDD enhanced due diligence and KYC know your customer . The aim is to make sure that customers are who they say they are and are not carrying out illicit financial transactions. And what is an STR? While monitoring client activities and accounts as part of this framework, the reporting entity might spot transactions that don’t match the client’s profile, such as large deposits or withdrawals, or complex transactions with no clear economic justification. If they suspect the funds involved might come from the commission of a crime, they must file a Suspicious Transaction Report STR, sometimes called Suspicious Activity Report with the FIU. What an FIU does with an STR The FIU analyses the STR with the aim of confirming or dispelling the suspicion. They can go back to the reporting entities to get additional information, like bank statements and client histories, and can access government databases such as criminal records or property registries. What an administrative FIU does is pre-investigation , not investigation . It produces intelligence , not evidence. Law enforcement FIUs have the additional power to investigate, for example interview suspects or seize assets, and produce evidence that can be used in court. The role of the Egmont Group A vital one. The Egmont Group of Financial Intelligence Units is an informal network of almost all FIUs worldwide and acts as an important platform for information exchange. Many suspicious transactions have an international element, for example large amounts of money being transferred to or from a foreign country. An FIU can contact its counterpart in the other country and ask confidentially for information about the transaction and the individuals or companies involved. It is quick, effective and immensely valuable – but it is informal, and this intelligence can’t be used as evidence. If the FIU concludes that the transaction should be reported to the competent law enforcement authority, that authority has to obtain the same and additional information through the formal process of mutual legal assistance in order for it to be admissible in court. How FIUs contribute to asset recovery We sometimes think of “asset recovery” as simply the confiscation and return of illegally obtained assets to the country from which they were stolen. In fact, the return of the money is just the most headline-grabbing part of a long process that goes right back to the pre-investigative stage to which the FIU may have contributed. During this pre-investigate stage, the FIU conducts a thorough analysis and may be able to identify possible commission of a financial crime such as money laundering, as well as the predicate offence – the crime at the origin of the illegal funds. It can also identify assets used to commit the crime and any assets that are the proceeds of the crime. The FIU uses all its powers, all the information available to it, plus international connections through the Egmont Group, to create operational intelligence. It then makes this intelligence available to the competent authority investigating the case. Institutional training programmes and free eLearning courses The role of FIUs in asset recovery is one small but important component of the signature Financial Investigations and Asset Recovery training programmes that our at the International Centre for Asset Recovery ICAR training team has delivered to dozens of FIUs, law enforcement, prosecuting and judicial authorities all over the world during the last 10 years. A major aim of ICAR courses is to enhance inter-agency cooperation, in this case helping FIUs and relevant law enforcement authorities work better together by understanding each other’s roles and powers. The Advanced Operational Analysis training programme, in addition to strengthening the analytical capacities of FIU staff, was in fact designed to specifically address this issue. Our free Operational Analysis eLearning course focuses on how to do the type of operational and financial analysis that FIUs perform. Our Head of Training ICAR explains the concept behind our hands-on, tailored training methodology in Phyllis Atkinson’s quick guide to effective training on financial investigations. To find out more about how FIU and other analysts produce intelligence, read Manuel Medina's quick guide to intelligence. Download a PDF of this quick guide in English, Spanish, French and Portuguese.
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