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Save the date: 10th Global Conference on Criminal Finances and Cryptoassets
The fight against criminal misuse of cryptoassets enters its next chapter. Join us on 15–16 September 2026 for the 10th Global Conference on Criminal Finances and Cryptoassets – held this year in Luxembourg at the European Convention Centre and online. This landmark edition will be hosted by Luxembourg’s Bureau de gestion des avoirs BGA , alongside the Basel Institute on Governance, Europol and UNODC as co-organisers. Renowned as a leading global forum, the conference brings together practitioners from across sectors and regions to tackle the evolving threats posed by criminal exploitation of cryptoassets and related services. Expect cutting-edge insights, candid exchanges and practical solutions aimed at safeguarding individuals, businesses and the integrity of financial systems worldwide. Day 1 – 15 September: Open to experts from all sectors, with a strong focus on public–private collaboration, emerging risks and real-world practice. Day 2 – 16 September: Reserved for public authorities, including law enforcement, prosecutors, financial intelligence units, asset management offices and regulators, with in-depth case studies and operational insights. Learn more See more information on the official 10th Global Conference event page. Sign up to the conference mailing list to be notified when registration opens. If you would like to submit a proposal to present, moderate a panel discussion or lead a breakout session, please use this form.
Smarter use of confiscated assets would multiply their impact
Within days of Russia’s illegal invasion of Ukraine, Western governments imposed unprecedented economic sanctions against the Russian state and certain Russian oligarchs. They are now working to identify and freeze assets linked to sanctioned individuals and entities – a magnificent challenge in itself. Expectations are already skyrocketing as regards the potential of confiscating these assets, and politicians make strong statements about how they should ultimately be used. This has put a political spotlight on a debate that has long been on the agenda of asset recovery discussions: how should recovered assets be utilised? This is not only a legal but at least as much a political issue, because international treaties are not specific in this regard. The public are often cynical when faced with claims of recovered assets which are allocated to the general budget with little or no oversight. Sometimes, the speculation is that the same recovered assets have been diverted for the benefit of individuals rather than the collective good. Recognising this risk and the public expectation, countries that return or receive recovered assets have tried various schemes over the years to safeguard and maximise their use. None of these discussions has been plain sailing, also because each case of asset repatriation is very different – legally, technically and politically. In countries that we support through our International Centre for Asset Recovery, there have been some really interesting and innovative initiatives to utilise assets: For pandemic-struck hospitals In Kenya, as pandemic-related pressure mounted on the country’s health system, the Office of the Director of Public Prosecutions and the Ethics and Anti-Corruption Commission handed over 20 billion Kenyan shillings approximately USD 18 million at the time to the Ministry of Health to equip the countries’ hospitals with equipment. Formally handed over at a ceremony to which the media were invited, the money came directly from confiscated proceeds of corruption. So in this case, the recovered assets were not only put to good use in the fight against Covid-19. The action also helped to demonstrate how corruption hurts citizens, and in turn how recovering stolen assets can benefit citizens – and to right a wrong of which Kenyan citizens have been the victims. For student bursaries The Kenyan example triggered a great deal of interest in the region in how recovered proceeds of corruption could be tangibly and visibly utilised. Next, in February 2022, the Zambia Anti-Corruption Commission publicly handed over USD 57,000 USD and 65.3 million kwacha approximately USD 3.6 million of recovered funds to the Ministry of Education. Both the Minister and the President committed to utilising these funds for bursaries to enable under-privileged students to complete university education. Here, too, citizens who are the primary victims of corruption are the ones to feel the direct benefit of asset recovery. To strengthen criminal justice institutions Internationally recovered proceeds of corruption have been used in similarly positive ways. An interesting example comes from Peru, which in 2020 signed a tripartite agreement with Switzerland and Luxembourg in relation to around USD 26 million in repatriated assets that had been stolen through corruption under the regime of former President Fujimori. Under this agreement, these assets are now being used to strengthen the country’s criminal justice and asset recovery institutions. Peru’s proposal to use the funds in this way goes straight to the core of the problem – corruption – and will help multiply the impact of the returned funds. The agreement also contains provisions that will ensure transparency and accountability in the use of the funds. For intensive care units and Covid-19 relief Another interesting example is the asset-sharing agreement signed in March 2022 between Kenya and the Bailiwick of Jersey to repatriate GBP 3 million to Kenya. This was the culmination of a multi-year investigation and prosecution which led to the confiscation of funds from a Jersey-registered company, Windward Trading. It was the Windward Trading case that had originally triggered the development of the Framework for the Recovery of Funds from Crime and Corruption in Kenya FRACCK , which was signed by the Governments of Kenya, Jersey, Switzerland and the UK in 2018. The purpose of the agreement is to streamline the repatriation of funds to Kenya and to ensure that they will be utilised in line with national development priorities. The agreement also provides for the monitoring and evaluation of the use of returned funds. In this first utilisation, under the Kenya–Jersey agreement, the recovered assets are to be used to acquire medical equipment for intensive care units and to assist families adversely affected by the pandemic. Similar to the Covid-19 use of domestically repatriated funds, citizens will be able to experience the direct impact of successful anti-corruption enforcement. Considering the causes, consequences and victims of corruption There are other examples where recovered assets have been used in innovative and interesting ways, and more in the pipeline. What these examples all have in common is that careful consideration was given to either the root cause of corruption Peru or to the harm caused by corruption and their victims Kenya, Zambia . The international cases Peru and Kenya have also benefited greatly for a collaborative attitude of both requesting and requested states. The recovery of stolen assets is of course about the money. But just as much it is about what we sometimes refer to as the “soft assets”. Namely, that citizens benefit from the enforcement action and the original negative impact of corruption is at least somewhat countered. In time, the rule of law, trust in government and effective public services are restored. The above examples provide some food for thought for countries grappling with the question of how best to employ recovered proceeds of corruption and other crimes. The answers they come up with may be different, but what’s important is that all sides – including citizens – get the clear sense that something good came out of the bad.
Launch of compendium of jurisprudence on Peru’s non-conviction based confiscation law
A newly published Compendium of Jurisprudence on Extinción de Dominio will enable Peruvian judges, prosecutors and other law enforcement actors to assess progress and legal precedents in the implementation of Peru’s 2019 law on non-conviction based confiscation Extinción de dominio . The 1,100-page document compiles all judgments relating to the Extinción de dominio law issued by the judicial authorities in 2019 and 2020. The compendium is a collaboration between Peru’s Procuraduría General del Estado Special State Attorney General and the Basel Institute on Governance, with the support of our Swiss-funded Subnational PFM Strengthening Programme and our International Centre for Asset Recovery ICAR team in Lima. The jurisprudence reveals that Peru has already recovered around PEN 163 million approximately USD 41 million using this legal mechanism. This makes Peru a leader in Latin America in the use of such non-conviction based confiscation mechanisms. It is also the first country to have enforced these type of laws in international financial centres. Much of this experience will be invaluable to lawmakers and practitioners in other countries that are considering introducing similar laws. Opening up asset recovery possibilities for Peru Extinción de dominio is a law that allows Peru to recover money and other misappropriated assets without the need for a criminal conviction. As such, it is particularly valuable in recovering the proceeds of grand corruption schemes, where the perpetrators may have died, fled the jurisdiction or otherwise be immune from prosecution. Among the legal precedents set so far, a notable point is the high potential of this law in the context of international asset recovery. In December 2020, for example, Switzerland, Luxembourg and Peru signed a tripartite agreement to return approximately USD 26 million in assets that had been confiscated by Peru under the Extinción de dominio law. High-level launch event The compendium was launched at a high-level virtual event on 15 July 2021. The event was attended by the Minister of Justice and Human Rights Eduardo Vega Luna, the Swiss Ambassador in Peru Markus Alexander Antonietti, the Special State Prosecutor General Daniel Soria Luján, and representatives of the Basel Institute and Ministry of Justice and Human Rights. Speaking at the event, the Basel Institute’s Head of Latin America, Oscar Solórzano, said: Non-conviction based confiscation mechanisms are increasingly being recognised as an important complement to traditional criminal confiscation, fines, civil reparations, disgorgements and other tools against economic crime. In this context, Extinción de dominio is a criminal policy tool that must be integrated into the national legal framework. It needs to occupy the place that the Peruvian legislator has assigned to it, respecting clear principles of proportionality and due process. Sergio Jimenez, leader of the asset recovery component of the PFM Programme, spoke about the application of the tool in the context of recent cases. Minister Vega Luna praised the compendium, calling it: A great support in the fight against the criminality that is proving so damaging to Peru and to the world. More View and download the Compendio de Jurisprudencia de Extinción de Dominio. See the Twitter announcement issued by the Ministry of Justice and Human Rights in Spanish . Download the speech of Oscar Solórzano in Spanish : La política criminal moderna y el rol de la recuperación de activos. See how Peru recovered USD 8.5 million in proceeds from a corrupt arms deal from a Swiss bank account held by businessman Moshe Rothschild Chassin. Read a detailed case study of how extinción de dominio has enabled the confiscation of USD 1 million in assets intended for terrorist financing – The Nun: Confiscating assets of the Shining Path terrorist organisation also available in Spanish .
It takes three to tango: Switzerland, Luxembourg and Peru sign agreement to return USD 26 million in stolen assets
We are delighted about the signing of a trilateral agreement on the return of illicitly acquired assets to Peru. As explained in the press releases of the Governments of Switzerland, Luxembourg and Peru, the repatriation of around USD 16.3 million from Switzerland and around EUR 9.7 million from Luxembourg is the result of good cooperation between all parties over many years. The assets relate to a complex of cases stretching over nearly two decades against individuals close to disgraced former Peruvian President Fujimori. In a speech delivered to the President of Peru at the occasion of the signing, the Swiss Ambassador to Peru Markus-Alexander Antonietti celebrated the fact that the returned assets will be used to strengthen transparency and innovation in Peru's judicial institutions. "This work will generate – I am convinced of this - actions and not only words," he said. Mentioning the support of the Basel Institute and Oscar Solórzano, who leads our Latin America office and the work of our International Centre for Asset Recovery in the region, he concluded that: ...the signing not only symbolises the excellent relationship of collaboration and respect between Switzerland and Peru, but also our solid path forward in the fight against corruption and impunity. Basel Institute Managing Director, Gretta Fenner, says: The tripartite nature of this agreement symbolises what has been at the core of our work to help countries recover stolen assets: getting countries to work together. The collaboration we have had the privilege of supporting, between Peru, Luxembourg and Switzerland, has been marked by a genuine willingness by all parties to find legally innovative ways to bridge different legal systems, legal traditions and domestic political realities. I congratulate and thank all partners for their foresightedness in breaking new grounds for international cooperation in asset recovery.
Luxembourg and Switzerland will return USD 17 million to Peru
The Basel Institute on Governance welcomes the recent decisions by courts in Luxembourg and Switzerland to return almost USD 17 million to Peru in cases related to the regime of former Peruvian President Fujimori. We congratulate the involved authorities in Peru, Luxembourg and Switzerland for the successful conclusion of these 15-year old cases. We are honoured to have been able to support this successful outcome. The assets that are being returned now have been frozen in the two jurisdictions since 2002 based on a Swiss criminal procedure for money laundering against individuals close to former Peruvian President Fujimori. In this context, in 2002, USD 93 million have already been returned to Peru from Switzerland, while five accounts in Switzerland and two accounts in Luxembourg remained frozen since. In order to return these remaining assets, a final confiscation order from Peru was required. These proceedings were taken up again under the leadership of current Attorney General of Peru, Dr Pablo Sanchez Velarde, and resulted in the final confiscation of two bank accounts in Switzerland and two bank accounts in Luxembourg between 2015 and 2016. These decisions are important not only from the perspective of recovering these long lost assets, but equally because they create important legal precedent regarding a new and innovative legislation in Peru, which allows non-conviction based asset forfeiture. Moreover, this is the first time that a Peruvian confiscation order in a corruption case is being executed in a foreign jurisdiction. Indeed the return of stolen assets based on a confiscation order from the country where the assets had originally been stolen from, rather than based a criminal proceeding in the country where the assets were found, is still rare. Peru is writing history with these cases. Finally, the decisions are important because they bring new insight into legal practice advancing the fight against corruption and the recovery of stolen assets.
Publications
The James Stone case: Peru’s fight to recover assets (The Academy Bulletin)
In an article published in the Fall 2024 issue of the Bulletin of the International Academy of Financial Crime Litigators, Oscar Solórzano describes an asset recovery case between Peru and Luxembourg involving a businessman named James Stone.
It provides insight into some of the challenges that some States face in recovering proceeds of corruption from international financial centres, despite the binding rules and soft laws adopted in recent years. It looks at both the mutual legal assistance (MLA) process and the legal defences raised by the account holder – who admitted to the corrupt dealings and has since fled to the United States.
The case offers important lessons for States either holding or seeking to recover assets linked to historical acts of corruption.
This is the fourth issue of The Academy’s Bulletin. It has been established to transmit the work of Academy Fellows, draw attention to matters of importance to the legal community and provide high-level analysis of cutting-edge issues in global financial crime investigations and litigation. The Basel Institute on Governance acts as Secretariat to the Academy.
Navigating between non-conviction based confiscation and Mutual Legal Assistance (MLA)
This speech was given at a preparatory meeting for the UN General Assembly Special Session (UNGASS) against Corruption in 2021.
It deals with non-conviction based confiscation as a method to recover assets stolen through corruption, and how challenges in international cooperation in these cases can and should be overcome.
See Spotlight on non-conviction based confiscation at UNGASS preparatory meeting.