Training

A career with purpose in public finance management: Límberg Chero

Our colleague Límberg Chero has played an important role in establishing the Basel Institute’s strong presence in Peru. From the early years – even before a formal office existed in Lima – to his current work with the Subnational Public Finance Management Programme Programa GFP Subnacional , his journey reflects a great passion for fighting corruption. It began far from the capital, in an ancient town in northern Peru, and was strengthened through rigorous academic training and years of public service. This article is part of a series on careers in fighting financial crime and opportunities to learn and study with the Basel Institute. The take-off in Peru My journey at the Basel Institute on Governance began even before the Lima office existed. In 2014, together with colleagues from the Basel Institute – including our dearly missed Managing Director of two decades, Gretta Fenner, and my colleague Óscar Solórzano – we launched a public finance management project funded by the State Secretariat for Economic Affairs of Switzerland SECO . Although centred on macroeconomics and fiscal policy, its essential goal was to make the public budget tangible and meaningful for citizens. To do this, we moved beyond traditional approaches and integrated innovative tools, like the use of behavioural science to prevent corruption and foster integrity in the management of public finances. This comprehensive perspective – a novelty in Peru at the time – was key to the project proposal’s success. Since then, the Subnational Public Finance Management Programme for regional and municipal governments in Peru has retained SECO’s trust for more than 10 years. The secret behind this success lies not only in improved processes and fiscal discipline, but in the continuous work with people committed to change. Internally, the Basel Institute’s team is multidisciplinary, open to change and committed to bridging practice and academic insight. Bridging differences for sustainability Working at the Basel Institute on Governance is truly a privilege. Our Lima office has gained remarkable regional recognition thanks to a distinctive approach: practical, rigorous and focused on building strong relationships with key actors in the fight against corruption, money laundering and terrorist financing. I currently lead the Subnational PFM Programme’s Interinstitutional Coordination, ensuring the programme’s effectiveness and, above all, the sustainability of reforms at subnational levels, in alignment with national efforts. This work requires the continuous reconciliation of the different “languages”, worldviews and objectives of people across Peru’s diverse regions. Our aim is to craft strategies and messages that resonate equally to ministries, regional governments and municipalities – aligning technical agendas with political ones, and engaging civil society and academia along the way. This challenge becomes more manageable because of my background: I come from an ancient town in northern Peru, Monsefú. Being perceived as someone close yet trained in competitive academic and professional environments fosters trust and legitimacy. From economics to a global mission As a child, leaving my town felt impossible. Universities were located in other regions and the educational options available largely led to local career paths tied to a modest economy with little real opportunities. At that time, the country had not yet experienced the trade openness or business development it has today. Through hard work and the trust of people who believed in me, however, I earned scholarships that allowed me to study in highly competitive environments in Peru’s capital, Lima, more than 1,000 kilometres away from my hometown. My foundations were solid: I completed my undergraduate studies in economics and later specialised through the Central Bank’s Economics Programme, which admits only 30 candidates out of thousands of applicants, as well as through an internship at the World Bank in Korea. I worked as an economist at institutions such as the Ministry of Economy and Finance, the Central Reserve Bank of Peru, the Andean Community CAN and the Inter-American Development Bank IDB . At that time, my professional life felt complete: it combined specialised technical work with teaching and active participation in international networks. These included the Andrés Bello Agreement Network, which brought together university researchers from multiple countries to reflect on and advance regional integration in Ibero-America, as well as the Puentes Network, which focused on promoting transparency in investment by Latin American companies. But everything changed when I fully grasped the scope of the challenges posed by global corruption. I never imagined my economics degree would only be the starting point of a much bigger journey. From that moment on, my purpose became clear: to dedicate all my experience to strengthening this fight against forces that hinder global prosperity. Innovating with little budget In Latin America, the Basel Institute is known for results-oriented innovation. I have witnessed firsthand how every new skill quickly finds a practical application and how we can make significant contributions without the need for additional funding. For example, I could draw on my Master’s degrees in Process Innovation and Government Control, and in Public Management and Education Andragogy to enrich various initiatives we pursued, such as: supporting regional governments in implementing structural reforms in significantly shorter timeframes; strengthening Peru’s Public Finance Management Experts Network, which was recognised during Peru’s National Innovation Week; and reducing dropout rates and increasing course completion in our Internal Control and Integrity courses through, among other things, the introduction of “virtual coffee breaks”. During the pandemic, we leveraged my background in education to enhance our online learning and training approach and results. For example, we started to deliver courses and training across the country via Facebook, a platform that at the time did not charge for mobile data usage and allowed public officials to participate even using low-end mobile phones. These courses have since been integrated into Basel LEARN – the Basel Institute’s online training and learning hub. Together, these efforts enabled us to develop courses that reached more than 6,000 participants in five years – all without additional funding. It’s all about people My work has focused on ensuring the sustainability of tangible improvements to public finance management that the PFM Programme’s experts helped implement in areas as varied as: distribution of vaccines and educational materials for children; property tax collection in major cities; restitution of confiscated funds; and the fight against “green corruption”. In this context, the most valuable asset is our network. I have more than 20,000 contacts on my business phone – all professionals who directly or indirectly contribute to the Programme’s goals, and above all, friends committed to building a better Peru. This network generates mutual benefits: it enables the rapid dissemination of good practices, drastically reduces event preparation costs we secure many venues at zero cost and ensures massive impact. Colleagues across the Basel Institute are a vital part of this network. Our close collaboration has led me to take part in a wide range of diverse and fascinating projects – from serving as a director and writer for several programme-produced videos, to moderating international events on asset recovery, and exchanging methodologies used in public finance management that can be applied to asset recovery and repatriation. The foundation that inspires and sustains hope The Peruvian context presents unique challenges. There is high political volatility, evidenced by the fact that there have been eight presidents in the past 10 years despite only two presidential elections in that period. This means that “VUCA” volatility, uncertainty, complexity and ambiguity and the notion of “chaos” are part of daily life. Yet, beneath this instability lies a “subsoil” of ethically committed public officials and technical professionals who allow progress to continue. They are my daily source of inspiration. As I often say: There are more good people than bad – they just make less noise. This reflects a reality: the visible efforts of honest Peruvians provide a stronger foundation than the corruption cases that shake us, even if public perception sometimes suggests otherwise. In sum, I am deeply grateful for the privilege of engaging with my country and its challenges through work that strengthens public integrity and the fight against corruption. Thank you, Basel Institute – and its magnificent team around the globe – for allowing me to continue serving the world, and especially my country. Inspired? Take a look at the learning opportunities we offer at the Basel Institute for individuals who are equally passionate about fighting corruption and financial crime: Basel LEARN – our online training and learning hub with free eLearning courses and lots more Basel STUDY – our postgraduate programmes on anti-corruption and asset recovery with the University of Basel

Una carrera con propósito en gestión de finanzas públicas: Límberg Chero

Nuestro colega Límberg Chero ha desempeñado un rol importante en la consolidación de la presencia del Basel Institute en Perú. Desde los años previos a la apertura de la oficina en Lima hasta su trabajo actual en el Programa GFP Subnacional, su trayectoria refleja un profundo compromiso con la integridad pública y la lucha contra la corrupción. Su camino comenzó lejos de la capital, en un pueblo milenario del norte del país, y se fue forjando a través de una rigurosa formación académica y años de servicio público. Este artículo forma parte de una serie sobre carreras vinculadas al crimen financiero y sobre las oportunidades de aprendizaje y formación que ofrece el Basel Institute. El despegue en Perú Mi camino en el Basel Institute on Governance comenzó antes de que la sede de Lima existiera. En el año 2014, junto a varios colegas del Basel Institute, incluyendo a nuestra recordada Directora General durante 20 años, Gretta Fenner, y mi colega Óscar Solórzano, iniciamos la puesta en marcha de un proyecto de finanzas públicas financiado por la Secretaría de Estado para Asuntos Económicos de la Confederación Suiza SECO . Aunque el núcleo del proyecto era la macroeconomía y la política fiscal, el objetivo esencial era asegurar que el presupuesto público fuera tangible y significativo para la ciudadanía. Esto nos obligó a trascender los enfoques tradicionales e integrar herramientas innovadoras, tales como las ciencias del comportamiento, para fomentar la integridad y prevenir la corrupción en la gestión de finanzas públicas. Esta visión integral, una novedad en el país en aquella época, fue vital para el éxito de la propuesta. Desde entonces, el Programa de fortalecimiento de la Gestión Financiera Pública de gobiernos regionales y locales del Perú ha mantenido la confianza de SECO por más de diez años, una longevidad prácticamente inigualable. El secreto de este éxito no radica solo en la mejora de procesos o la disciplina fiscal, sino en el trabajo permanente con las personas que impulsan el cambio. Para ello, el Basel Institute cuenta con un equipo multidisciplinario, abierto al cambio y comprometido con crear puentes entre la práctica y la academia. Uniendo lenguajes para la sostenibilidad Trabajar en el Basel Institute on Governance es un verdadero privilegio. Nuestra oficina en Lima ha logrado una notable aceptación regional gracias a un enfoque de trabajo único: práctico, profundo y enfocado en construir relaciones sólidas con actores clave en la lucha contra la corrupción, el lavado de activos y el financiamiento del terrorismo. Actualmente, lidero la Coordinación Interinstitucional del Programa GFP Subnacional. Mi rol busca asegurar la buena marcha y, sobre todo, la sostenibilidad de reformas en los niveles subnacionales, en coordinación con el nivel nacional. Esto implica un esfuerzo constante por conjugar los lenguajes, cosmovisiones y objetivos completamente diferentes de personas de las distintas regiones del país. Nuestra meta es crear estrategias y mensajes que sean relevantes tanto para un ministerio, un gobierno regional o una municipalidad por igual, para así alinear las agendas técnicas con las políticas, incluyendo tanto a la sociedad civil como a la academia. Este desafío se facilita gracias a mi origen: provengo de un pueblo milenario del norte del Perú, Monsefú. El ser percibido como alguien cercano, pero que se pudo formar en ambientes académicos y profesionales competitivos, facilita la confianza y legitimidad. De la economía a una misión global Durante mi niñez, salir de mi pueblo parecía imposible. Las universidades estaban en otra ciudad y solo brindaban la oportunidad de seguir alguna carrera local, enfocada en actividades de una economía poco desarrollada y con escasas oportunidades reales. Por ese entonces, el país no tenía la apertura comercial ni el desarrollo empresarial que tiene hoy. Gracias a mucho esfuerzo y la fe de personas anónimas, pude acceder a becas para formarme en ambientes altamente competitivos en Lima, la capital de Perú, a 1.000 kilómetros de mi ciudad natal. Mi base fue sólida: estudié economía como carrera de pregrado y luego me especialicé con el curso de Economía del Banco Central donde solo entran 30 de entre miles de postulantes y haciendo una pasantía en el Banco Mundial en Corea. Luego trabajé con temas de macroeconomía en instituciones como el Ministerio de Economía y Finanzas, el Banco Central de Reserva del Perú, la Comunidad Andina CAN y el Banco Interamericano de Desarrollo BID . Por ese entonces, mi vida profesional parecía completa: no solo incluía mis actividades profesionales especializadas, sino que también la docencia y la participación en redes internacionales. Por ejemplo, participaba en el Convenio Andrés Bello, que unía a investigadores de universidades de varios países para reflexionar y actuar en temas de integración en Iberoamérica, y en la Red Puentes, que unía esfuerzos en torno a la transparencia de las inversiones de las empresas translatinas. Pero el giro llegó al entender a fondo los megadesafíos globales de la corrupción. Nunca imaginé que mis estudios en economía serían tan solo el punto de partida de una ruta mucho más importante. Desde entonces, mi propósito ha sido volcar toda mi experiencia para fortalecer la lucha contra los flagelos que impiden la prosperidad global. Innovando con presupuesto cero El Basel Institute en Latinoamérica se caracteriza por su innovación orientada a resultados. Yo mismo soy testigo de cómo cada nueva habilidad encuentra un espacio de aplicación y permite realizar importantes aportes sin requerir de presupuesto adicional. Por ejemplo, mis maestrías en Innovación de Procesos y Control Gubernamental y en Gerencia Pública y Educación Andragogía han sido canalizadas para enriquecer diversas iniciativas: ayudando a gobiernos regionales a realizar cambios estructurales en plazos mucho menores al promedio; enriqueciendo la Red de Expertos GFP del país iniciativa reconocida en la Semana Nacional de Innovación de Perú , reduciendo la deserción a la vez que aumentando el número de aprobados en nuestros cursos de Control Interno e Integridad, gracias a la implementación de "coffee breaks virtuales". Durante la pandemia, aprovechamos mi formación en educación para potenciar una iniciativa de educación y entrenamiento que permitía llevar cursos y capacitaciones a todo el Perú a través de Facebook. En ese entonces, la red social no cobraba por el uso de datos móviles y permitía el acceso a todos los funcionarios públicos, incluso si solo tenían celulares de gama baja. Ahora, esos cursos se han integrado a Basel LEARN, la plataforma educativa del Basel Institute. En conjunto, logramos implementar cursos que contaron con más de 6.000 alumnos durante cinco años, todo sin usar presupuesto adicional. La importancia de las redes de contacto Mi labor ha estado enfocada en asegurar la sostenibilidad de mejoras tangibles desarrolladas por los expertos del Programa GFP en temas tan variados como: la distribución de vacunas y materiales educativos a niños, la recaudación predial en ciudades principales, la restitución de fondos decomisados y la lucha contra la "corrupción verde". En este contexto, lo más valioso es la red de trabajo. Actualmente, tengo más de 20 mil contactos en mi teléfono, todos profesionales relevantes directa o indirectamente en la actividad del Programa GFP, pero principalmente amigos comprometidos con el ideal de un Perú mejor. Esta gran red genera beneficios mutuos, ya que permite la difusión de buenas prácticas, reduce drásticamente los costos de preparación de eventos tenemos muchos locales a costo cero y asegura un impacto masivo. Los colegas dentro del mismo Basel Institute son también parte importante de esta red. Nuestra estrecha colaboración me ha llevado a participar en proyectos tan diferentes e interesantes como director y guionista en varios videos producidos por el programa, moderar eventos internacionales de recuperación de activos e intercambiar metodologías usadas en finanzas públicas para la recuperación y repatriación de activos. La base que inspira y sostiene la esperanza El contexto peruano presenta retos únicos. Hay una alta volatilidad política, evidenciada por el hecho de haber tenido ocho Presidentes en los últimos diez años, cuando en teoría elegimos uno cada cinco años. Esto hace que los entornos “VUCA” volátiles, inciertos, complejos y ambiguos y conceptos como “caos” cobren un sentido literal en nuestro día a día. No obstante, existe un "subsuelo" de funcionarios y técnicos éticamente responsables que permite que el trabajo avance y que me inspira día a día. Como suelo decir en mis charlas: "Los buenos somos más, pero hacemos menos bulla." Esta frase refleja la realidad: el esfuerzo visible de los peruanos honestos es una buena base que supera en valía a los casos de corrupción que nos golpean, aunque muchas veces la percepción nos diga lo contrario. En suma, el privilegio de aproximarme al país y a sus desafíos, implementando temas que sé que aportan al fortalecimiento de la integridad pública y la lucha contra la corrupción, hace que agradezca la oportunidad: Gracias, Basel Institute, gracias a su grandioso equipo en todo el mundo, por la oportunidad de seguir sirviendo al mundo y, especialmente, a mi país. ¿Te gustó esta historia? Si también te interesa o apasiona dedicarte a la lucha contra la corrupción y el crimen financiero, te invitamos a revisar la oferta educativa del Basel Institute: Basel LEARN: nuestra plataforma de aprendizaje en línea, con cursos virtuales gratuitos y otros recursos Basel STUDY: nuestros programas de postgrado en anti-corrupción y recuperación de activos, dictados en conjunto con la Universidad de Basilea

Holding the line: Betsy Andersen on corruption and hope in uncertain times (The Academy Bulletin)

Corruption corrodes trust, weakens institutions, and undermines societies. Few people understand this better than our Executive Director Elizabeth Andersen. With more than two decades of experience advancing the rule of law around the world, Betsy brings a wealth of insight into why corruption matters and how to confront it. In the fifth issue of the Bulletin of the International Academy of Financial Crime Litigators, Betsy is in conversation with the Bulletin’s co-editor Dr Maria Nizzero. She discusses what drew her to the Basel Institute, the challenges of sustaining anti-corruption momentum in a turbulent geopolitical climate, and why, despite the setbacks, she remains deeply optimistic about the fight ahead. The interview is republished here with permission from the Academy. Can you tell us a little bit more about yourself and what drew you to the Basel Institute on Governance? Elizabeth Andersen: I’ve spent more than 20 years working to strengthen the rule of law globally, and one of the most pressing challenges we face is corruption. It undermines institutions, harms societies and erodes trust in government. The Basel Institute’s reputation for impact made it a compelling place to continue this work. What especially attracted me is its model: combining hands-on technical assistance with research and policy engagement. I was particularly drawn to the way in which the Basel Institute transforms lessons learnt from their very impactful technical assistance and case-based assistance on the ground into policy recommendations. These recommendations contribute to global conversations and policymaking that can in turn deliver systemic change. This virtuous cycle of on-the-groundwork, learning and policy engagement was really very attractive to me as a terrific model. You previously led the World Justice Project. What lessons are you bringing to Basel? EA: Both organisations share a commitment to data-driven, evidence-based solutions. At the World Justice Project, I saw how indices can be powerful diagnostic tools and motivators for change, as countries or jurisdictions work to strengthen their scores. They open the door for really important conversations on the path forward for change. I intend to carry this work forward to the Basel Institute, as I believe the Basel AML Index – our flagship tool for assessing risks of money laundering and related financial crimes at the country level – has the potential to achieve even more than what it is already doing. Another key point these organisations have in common is the value they place on multi-stakeholder approaches. The rule of law isn’t just for lawyers and judges: it requires governments, businesses and civil society to work together. At the Basel Institute, one of the ways in which we’re advancing that vision is through Collective Action initiatives. These bring together the private sector and other stakeholders – typically government and civil society – in sustained, collaborative efforts to overcome shared corruption challenges and raise standards of business integrity and fair competition. I look forward to building on the Basel Institute’s track record in convening such multi-stakeholder initiatives, so critical to combating corruption effectively. From geopolitical shifts, to the threat of war, to tariffs, to climate change, with so many urgent global issues, how do you keep anti-corruption on the agenda? EA: This is something I have been thinking about a lot – in particular about the ways in which we need to frame, or reframe, the work that we do in terms of the policy priorities that prevail today. We have to link corruption to today’s top policy concerns, whether that’s defence spending, organised crime or the energy transition. There is an important corruption dimension to all of these contemporary priorities. By highlighting that connection through research, we can make the case that anti-corruption work isn’t a distraction or unnecessary expense; it’s foundational and an investment in long-term success. Illicit financial flows are another critical issue. These are not victimless crimes, but ones that rob communities of resources. Especially at a time when development assistance is shrinking, asset recovery and international cooperation to return stolen funds are more urgent than ever. That has always been at the core of the Institute’s work, but it feels all more urgent now. Some argue momentum on asset recovery is waning. Do you agree? EA: In fact, demand for our support in partner countries is growing. We have more demand than we can currently meet from governments asking us to help them develop capacity to investigate, prosecute and recover assets. We’re also seeing governments adopt stronger legal tools, such as non-conviction based forfeiture and improved anti-money laundering frameworks. And international cooperation mechanisms are maturing, which gives me confidence that progress is possible. There may be some fatigue, but there is also a growing awareness that asset recovery is not only a strategy for recovering stolen assets and obtaining much needed resources; it also acts as a deterrent and signals that organised crime will not pay. We also find a lot of promise in the work of the International Anti-Corruption Coordination Centre IACCC , the ongoing Global Forum on Asset Recovery GFAR Action Series and the GlobE Network – the Global Operational Network of Anti-Corruption Law Enforcement Authorities. This kind of international cooperation on anti-corruption and asset recovery is essential, and there are a lot of opportunities to enhance it through such initiatives. In this context, UK Deputy Prime Minister David Lammy’s commitment to tackling illicit finance and the announcement of a summit next year on this topic are really important. The summit represents a great opportunity for financial centres in particular to re-energise and re-focus the fight against illicit finance. How does the Basel Institute bridge the gap between international standards and local realities? EA: This is a really important question, and its answer is a legacy of Gretta Fenner, the Basel Institute’s Managing Director for many years who tragically passed away in 2024. I am proud to say that we never parachute in with a one-size-fits-all presentation. For example, each Basel Institute training on financial investigations and asset recovery is tailored to the local context – to reference the local laws, the local procedures, even the local evidence and context in which crime happens. And this training is typically followed up with mentoring by expert advisors who are often embedded directly with partner agencies in the country. This high-touch approach is time intensive, but it’s the only way to ensure international standards translate into meaningful local practice, and this is something the Institute really excels in. Funding challenges, especially rising from the new US administration’s decisions to cut USAID, have shaken civil society. How is the Basel Institute responding? EA: We’re incredibly fortunate to have a loyal group of donors who have sustained or even increased their support. We don’t take it for granted, however, so we’re also working to diversify funding, including by engaging the private sector. Many companies now recognise that good governance is essential to their bottom line. We’ve also received generous support for education from individuals, such as scholarships for our new graduate-level anti-corruption and asset recovery courses with the University of Basel. Investing in the next generation of leaders is something I’m particularly excited about. I really want to give a shout out to the International Academy of Financial Crime Litigators, which has through the Academy itself and a couple of generous members committed to fund two scholarships for talented professionals who would otherwise not be able to attend the course. Talking about the private sector, what role does the private sector play in fighting corruption? EA: It’s a critical role. We’ve promoted Collective Action for decades, helping to establish initiatives like the Wolfsberg Group and the Metals Technology Initiative. On our B20 Collective Action Hub – a leading free resource centre on this approach – we’ve documented over 300 such initiatives. This growing dataset allows us to identify what works when engaging the private sector in fighting corruption. It allows us to push beyond rhetoric or box-ticking towards initiatives that have meaningful impact. Despite setbacks, what keeps you hopeful? EA: Above all, the people. My colleagues at the Institute, many recruited by my predecessor Gretta Fenner, are extraordinarily talented and committed. Our partners around the world often take up this cause at personal risk, which is deeply inspiring. And then there are the broader networks drawn from government, businesses, civil society, the media and ordinary citizens, standing up against corruption. When you see that collective energy, it’s impossible not to feel optimistic. Finally, what research is the Basel Institute prioritising next? EA: We’re looking closely at how to strengthen legal tools while safeguarding human rights, for example, with a comparative study of non-conviction based forfeiture laws. We’re also exploring mechanisms to help ensure fines from foreign bribery cases can be used to support anti-corruption initiatives, including in communities that have been harmed by corruption. Both areas aim to make anti-corruption and asset recovery frameworks not only more effective, but also more just. The Academy's Bulletin 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.

The FATF’s asset recovery guidance reflects real-world challenges and solutions

The Financial Action Task Force FATF has published new Asset Recovery Guidance and Best Practices, offering a comprehensive roadmap to help countries get better at recovering illicit assets. Through our International Centre for Asset Recovery ICAR , the Basel Institute is proud to have contributed to this initiative, which will be instrumental in strengthening asset recovery across jurisdictions globally. The Guidance reflects real challenges and operational lessons encountered by jurisdictions worldwide. It incorporates innovative legal tools and best practices that have proven effective in practice, including those supported through our collaborative policy, training and technical assistance work with our partners. The Guidance in brief The Asset Recovery Guidance aims to help countries implement the 2023 revisions to the FATF Recommendations, which emphasise the crucial role of asset recovery in combating money laundering and related financial crimes. It provides policymakers and practitioners with clear practical steps for developing for more effective, transparent and victim-centred asset recovery systems. Drawing on the experience of 38 jurisdictions as well as 22 stakeholder organisations, including the Basel Institute, the Guidance brings together global best practices, operational lessons and legal innovations into a single reference document. Together, these set out how countries can more effectively trace, restrain, confiscate, manage and return criminal assets. The Guidance also outlines the growing role of technology in asset recovery, including blockchain analytics and open-source intelligence, which are crucial to keep pace with crime in a digital economy. It highlights new international tools such as Interpol’s Silver Notice, which facilitates the tracing of criminal assets across borders. Key recommendations The Guidance recommends that states and their relevant agencies adopt a number of key policies and practices to improve asset recovery outcomes: Asset recovery as a priority: Adopt clear policies, allocate human and technical resources and provide training for agencies involved in the process. Establish inter-agency coordination and cooperation mechanisms, guidelines for the reuse of recovered funds, monitoring mechanisms and partnerships with the private sector or civil society. Systematic approach to financial investigations: Initiate asset tracing efforts from the outset of serious crime cases, ensuring inter-agency coordination. Focus on preventing asset dissipation: Share intelligence and take immediate actions to safeguard assets. This includes the use of temporary suspension or withholding of consent for suspicious transactions by financial intelligence units, as well as rapid freezing or seizing mechanisms by law enforcement agencies. Beyond criminal confiscation: Introduce non-conviction based confiscation and unexplained wealth measures to recover illicit proceeds even where prosecution of the perpetrators is not possible. Cooperation in cross-border cases: Improve and facilitate cooperation, including the use of both formal and informal cooperation mechanisms, joint investigation teams and networks, such as Asset Recovery Interagency Networks ARINs and the Egmont Group of Financial Intelligence Units. Asset management and allocation of recovered funds: Plan the management of confiscated assets to maximise the value of any assets that can be recovered and to ensure benefits for victims and communities. Fundamental rights: Make sure every step in the asset recovery process is proportional, in line with due process and subject to judicial oversight. Role of civil society and the private sector The guidance also underscores the vital roles of civil society and the private sector in asset recovery: Civil society actors, including investigative journalists, help uncover illicit activities and drive advocacy for reforms. The private sector, including financial institutions and so-called designated non-financial service providers DNFBPs , provide critical financial intelligence as well as support to take immediate action in safeguarding assets. Together with authorities, they collaborate to detect, trace and return criminal proceeds. This collective effort enhances recovery outcomes and strengthens public trust through increased transparency and accountability. How our work in the field reflects the Guidance With our 20+ government partners, our specialist ICAR teams prioritise many of the key areas highlighted in the Guidance. Through training and technical assistance, we help authorities strengthen their capacity to investigate, trace and recover illicit assets, with tangible results – from advancing major transnational corruption and money laundering investigations throughout Africa, Europe, South America, and Asia and through assisting in the development of asset recovery legislation such as unexplained wealth and non-conviction based confiscation laws. We are also heavily focused on ensuring that recovered criminal assets or proceeds of corruption are either returned to victims or reinvested for good, such as in sustainable development or anti-corruption projects or in criminal justice reforms. Why does this matter? Asset recovery continues to be one of the most challenging elements of the global fight against financial crime, with the effectiveness of recovering criminal proceeds still falling short. The FATF Guidance seeks to address this by raising global standards and ensuring greater consistency in their application. The message is clear: recovering criminal assets is crucial to effective criminal justice and transparent financial systems. We support this approach and are committed to advancing it. As the Director of ICAR, Iker Lekuona states: “We are encouraged to see many of our policy priorities align with the approach outlined by the Guidance, which will strengthen the support we provide to our partner jurisdictions. ICAR will continue to assist countries through technical assistance, training and policy development, helping turn these priorities into tangible outcomes for communities.”

A career targeting the finances behind environmental crime – how I got there

This article is part of a series on careers in fighting financial crime and opportunities to learn and study with the Basel Institute. Our colleague Joseph Mihajason Rakotondramanana shares his professional journey, from the private sector and his early steps as an analyst in Madagascar to his current role as a Specialist in Financial Investigation with the Basel Institute’s Green Corruption Programme. The link between financial crime and environmental harm is too often ignored. All the more reason to act. When I look at my colleagues at the Basel Institute, I see people from different backgrounds, each on their individual professional path. But they all share a commitment to confronting illicit finance. Personally, I find this mission profoundly rewarding, and I'm convinced that capacity building plays a key role in forging a career with direction and impact. From private sector to supporting law enforcement Switching from my work in a start-up company to my first job as an analyst at the Financial Intelligence Unit of Madagascar was not easy. It took two attempts and a lot of patience. Back then, the term "money laundering" was still unfamiliar to many. My initial motivation was simple: I wanted to learn and grow through hands-on experience. Over the past 10 years, I have developed a strong investigative mindset and a deep desire to contribute to justice in concrete ways. That commitment led me to my current position as part of the Green Corruption team at the Basel Institute on Governance where I now use my skills to support a cause I care deeply about: to protect ecosystems that are under threat. As a financial investigation advisor, I focus on building strong partnerships with law enforcement agencies and training local partners in financial investigation techniques related to environmental crime. This capacity building approach empowers them to subsequently support analysts, investigators, prosecutors and judges in real cases. The ultimate goal is to enhance the likelihood of securing convictions and potentially recovering illicit assets. A shared mission with real impact Fighting financial crime linked to wildlife trafficking and other environmental crimes is at the heart of my professional mission. Protecting our environment is a shared responsibility, one that calls for joint action and long-term dedication. Working with a team that shares the same values strengthens my sense of purpose and reminds me of the power of working together. When we move forward as one, driven by a common goal, we do so with strength, confidence and clarity. There is no greater reward than receiving a heartfelt thank-you from a partner agency who applied our guidance successfully and as a result managed to make progress in a case. It’s in those moments that you truly feel the impact your work is having, not only professionally, but also personally. Learning as a lifelong strategy Life is a constant learning experience. Like any solid structure, the quality of our foundations determines what we can build. Education is important but it’s just the beginning. I have learned that continuously strengthening these foundations is key to long-term growth and resilience. That is also why, after my Bachelor’s in Finance and Business Development and my Master’s in Economics and Management, I’m currently pursuing a PhD in Economics and Policy of Natural Resources at the University of Antananarivo. Professional training has also played an important role in my journey. International courses have helped me reach new goals and build valuable networks. I’ve invested significant time in online training, especially through platforms like Basel LEARN, the Basel Institute’s online learning hub. With courses on topics such as international cooperation and open-source intelligence, I was able to strengthen my skills and stay up to date in this dynamic field. To young professionals: learn from others and also by yourselves. Take every opportunity to grow, especially through study programmes like our Basel STUDY postgraduate opportunities with the University of Basel. Do not hesitate to join the fight against corruption and financial crime. We need your passion, your perspective and your skills. You are part of the solution.

Political economy in the weeds: Embracing complexity in anti-corruption work – lessons learned from anti-corruption programme in Malawi