Asset recovery

From private sector compliance to a Financial Intelligence Unit: how specialised education supported this shift

"I wanted to have more impact in helping my country prevent and combat money laundering." In her role as an Anti-Money Laundering Analyst at a commercial bank, Hortensia Uupindi felt that something was missing. After reporting suspicious transactions, she could not see what happened next. This curiosity evolved into a career objective: to transition into a role where she could take a more active part in combating financial crime and safeguarding the integrity of the financial system. With this in mind, she decided to enrol in the postgraduate programme "CAS Combating Financial Crime Through Asset Recovery", delivered by the Basel Institute on Governance together with the University of Basel. In this interview, she shares her experience on taking the course, the ways it contributed to her professional growth and how it helped her transition into her current role at the Financial Intelligence Unit of Namibia. You were working in the compliance department at a commercial bank. What motivated you to take this programme? Working as an Anti-Money Laundering Analyst really opened my eyes to money laundering and its links to real-world financial crimes. Like many countries, Namibia also faces ongoing challenges with predicate offences such as corruption, fraud and tax evasion. At the bank, whenever we identified suspicious behaviour, we reported it to the Financial Intelligence Unit FIU . But we did not get to see what happened after that. At that time, I was familiar with the term “asset recovery”, but I did not understand how the entire value chain worked, with all its processes and challenges. Joining the FIU had always been one of my career aspirations. I was eager to learn more about asset recovery and strengthen my ability to contribute to my country's efforts to prevent and combat money laundering. The programme immediately caught my interest, and I knew it was an opportunity I could not miss. A few months ago, I successfully transitioned into my new role as a Compliance Analyst at the Namibian FIU. What change in perspective did this programme bring to your professional career? The course helped me understand the whole asset recovery process and the role I am playing in combating financial crime. It also showed me how to come up with solutions to resolve some of the challenges that slow the process down. That understanding made me appreciate the work I do on a daily basis even more. The aim is to prevent money laundering, but when an offence has already occurred, we want to recover those assets because they are proceeds of crime and make sure they are reinvested for public good. The Fishrot case in Namibia is a clear example of why asset recovery is so important. The funds that were misappropriated could have been used to support education, infrastructure and social development initiatives that would benefit the wider population. Instead, they enriched only a select few individuals. Recovering these assets would make a significant contribution to Namibia’s economy and development. The diversity of the cohort was another important highlight of the programme. I came from a banking background, but we had people from FIUs, anti-corruption agencies, asset management units and other areas. We could see how our different roles connect along the asset recovery chain. All in all, the programme changed my perspective because it gave me a balance between where I was and where I wanted to be. What was a highlight of the programme for you? There were many, both in terms of the content and the career opportunities. I particularly valued learning about international anti-money laundering frameworks and laws governing offences such as corruption and bribery. It enhanced my understanding of how illicit assets are acquired, as well as techniques for identifying and tracing them, before they are frozen, confiscated, recovered and re-used. Career-wise, the programme expanded my horizons. Before, I didn’t know there were so many career opportunities in the anti-financial crime sector. The lecturers and speakers showed us the diversity in this space. You were able to join the programme thanks to the Gretta Fenner Scholarship Fund. What did this support mean to you? I was fascinated by the programme until I saw the tuition fees. I couldn’t afford to pay for it in full. Then I saw that a scholarship fund was available, so I applied for both the programme and financial support. Being one of the recipients of partial financial support was a blessing. The course came at the perfect time in my career, equipping me with valuable knowledge and practical skills that have strengthened my professional capabilities. I would really encourage individual donors and organisations to continue supporting the scholarship fund. Capacity building is important, because it's only when skilled people are at the forefront of countering financial crime that a real difference can be made to society. What would you say to other professionals, including those in the private sector, who are unsure whether the programme is worth it? The programme is worthwhile. It has a structure that you don’t often find: a mix of practical experience and deep knowledge, combining lectures with real-world experience. It is beneficial for colleagues who already work in this field, but we also had classmates from other fields who are aspiring to enter the sector. It is friendly both for beginners and experienced professionals. The Basel Institute demonstrated a high level of professionalism throughout the programme. The lecturers were highly knowledgeable and generous in sharing their expertise. They consistently took the time to address our questions and brought in professionals from various sectors to provide additional insights. This programme truly has equipped us to play our part in the fight against financial crime. For anyone contemplating, it is truly a worthwhile opportunity. Thank you, Hortensia, for sharing your story and highlighting the impact this postgraduate programme has had on your professional journey. Learn more ::: links - Discover “Combating Financial Crime Through Asset Recovery” - Postgraduate programme delivered online in partnership with the University of Basel. - Contribute to the Gretta Fenner Scholarship Fund - Help train the next generation of anti-corruption professionals. - Discover our offer of short online training courses - Practitioner-led training focused on real-world financial crime challenges. :::

Specialising in asset recovery: why this Argentinian prosecutor decided to take the leap

“When it comes to economic crime, securing a conviction is not always enough. If we do not recover the assets, we are not returning to society what was stolen from it.” This realisation marked a turning point in the career of Julio Petrucci, a prosecutor at the Attorney General’s Office of the Province of Buenos Aires, Argentina. Driven by this mindset and by his desire to keep pace with the way crime operates today, Petrucci decided to enrol in the postgraduate programme “CAS Combating Financial Crime Through Asset Recovery” delivered by the Basel Institute on Governance together with the University of Basel. In this interview, he tells us about the challenges of his work, the issues demanding greater specialisation and the advice he has for other public servants who, like him, are striving to serve their citizens better. A prosecutor’s work requires constant adaptation. What motivates your daily work and what challenges do you face? My main motivation is to try to do good and to help repair what is broken in society when a crime is committed. In my country, as well as across the region, there are many economic difficulties and high levels of social inequality. Many people who become victims of crime rely on the Public Prosecutor's Office and other public institutions for support. As a prosecutor, I want to be able to provide these victims with answers and practical tools. Over time, I began to realise that my initial training was largely focused on crime in traditional, physical settings. However, crime scenes are often digital or have a strong financial component. That's when I identified the need to look for new tools to strengthen my investigations. It was through this search that I discovered the Basel Institute on Governance and its educational programmes. Why did you choose the Basel Institute programme to specialise in asset recovery? I was particularly interested in the specialised programme on asset recovery for three reasons: - first, because asset recovery is a highly relevant and rapidly growing field; - second, because I could not find other advanced courses offering this level of specialisation in countering financial crime; - and third, because of the international reputation of the Basel Institute on Governance and the University of Basel. What change in perspective did this programme bring to your professional career? The course marked a before and after in my career. In Argentina, asset recovery is still a developing field. Historically, we have analysed criminal cases with the aim of securing convictions. However, when it comes to economic crime, securing a conviction is not always enough. If we do not recover the assets, we are not returning to society what was stolen from it. Throughout the course, I learned not only about the different legal frameworks that exist around the world in this area, but also how to apply them to specific cases. The academic team and the online learning platforms were excellent. All this new knowledge and practical tools are already proving extremely useful in my day-to-day work. They have even contributed to my professional growth in ways that I am not yet able to comment on officially. This was also my first international experience. I got to meet people from different countries and professional backgrounds, which was very enriching. You were able to join the programme thanks to a scholarship. What did this support mean to you? I am a public official in a country facing significant economic challenges. The salaries of public officials like me, both in Argentina and across Latin America, are not particularly high. In this context, I saw that the Basel Institute offered financial support through the Gretta Fenner Scholarship Fund and decided to apply for it. From the outset, the team was very receptive. After some interviews, I was awarded a partial scholarship thanks to the funds they had raised, which allowed me to take the course. To donors and benefactors, I would say that their contribution is not just individual support for a student: it is a direct investment in justice systems in our countries. Thanks to their contribution, I now have the tools to investigate complex crimes and recover assets that belong to society. Why would you recommend this training to other prosecutors or investigators in the region? When you work in public service, and especially in a role such as that of a prosecutor, it is very difficult to look beyond what you see in your daily work. But crime is changing. In fact, it has already changed, and if we do not adapt, we will not be able to do our jobs effectively or help repair what is broken in society when a crime is committed. For this reason, I encourage prosecutors and others interested in tackling financial crime to step outside their day-to-day routine and take courses like this. I highly recommend this programme to them, not only because of its academic quality but also because of the quality and dedication of the Basel Institute team. It was an incredible experience. Thank you, Julio, for sharing your story and highlighting the impact this postgraduate programme has had on your professional journey. Julio Petrucci is just one of many talented professionals who have been able to take this course thanks to the Gretta Fenner Scholarship Fund. We are deeply grateful to all those who have generously contributed, and continue to contribute, to this fund, especially the International Academy of Financial Crime Litigators, Bonifassi Avocats, Bennett Jones, ECO Strategic Communications and Kellerhals Carrard. Learn more ::: links - Discover “Combating Financial Crime Through Asset Recovery” - Postgraduate programme delivered online in partnership with the University of Basel. - Contribute to the Gretta Fenner Scholarship Fund - Help train the next generation of anti-corruption professionals. - Discover our offer of short online training courses - Practitioner-led training focused on real-world financial crime challenges. :::

Asset recovery postgraduate programme: Celebrating our first graduating cohort

How and where can a professional acquire specialised knowledge in asset recovery? A year ago, that question didn’t have an easy answer. Today, it does: with the postgraduate programme "CAS Combating Financial Crime Through Asset Recovery", offered by the Basel Institute on Governance and the University of Basel. This July, we were delighted to welcome the first cohort to our headquarters in Basel and host the 1.5-day hybrid closing event. Here are a few highlights from the programme, and what participants themselves had to say about their experience. A programme unique in its class This Certificate of Advanced Studies CAS was developed to address a longstanding gap in postgraduate education. While aspects of asset recovery are covered in some university courses, there has until now been no similar qualification combining academic learning with practical skills. The programme draws on more than two decades of experience from our International Centre for Asset Recovery ICAR , which has worked with authorities around the world to strengthen financial investigations, asset recovery and international cooperation. Graduates receive a CAS degree from the University of Basel, one of Switzerland's leading universities. A global classroom The first cohort brought together prosecutors, investigators, lawyers, anti-money laundering specialists, development practitioners, bankers and policy professionals from 10 countries across Africa, South America, Asia and Europe. The online format with live sessions helped make that possible. It gave participants the flexibility to join from anywhere in the world and balance the course with their day-to-day work – and, just as importantly, to connect with peers working under completely different legal systems. That’s exactly the kind of contact that matters for international cooperation. As one participant from Europe explained: The exchange with other participants working in different jurisdictions was extremely valuable. That was crucial for seeing how asset recovery is approached differently elsewhere, and what options other jurisdictions have. Asset recovery is a global issue now – money moves across the world, so you can't just sit in your office thinking everything stops at the border. The cohort also spanned different levels of expertise, from prosecutors to lawyers working in cybercrime to people just entering the field. As another participant, who works in development cooperation, explains: After having worked for two decades in development cooperation, I realised that if less money was lost to financial crime, countries could decide more autonomously where to invest in their own development. So I got interested in the topic of money laundering, and how we could get better at fighting it. Learning by doing When we asked participants what they found most valuable or unique about the programme, the answer was always the same: its practical approach. Asset recovery is a complex discipline that spans financial investigations, international cooperation, prosecution and the management and return of confiscated assets. Professionals working in this field need not only legal knowledge, but the practical skills that can be applied across different jurisdictions and institutional settings. Over six months, the cohort engaged in interactive online sessions built around real cases and realistic simulated investigation exercises, guided by practitioners who have investigated and prosecuted financial crime themselves. A participant from Uruguay explains: In most certifications, the focus tends to stay on theory and definitions, spending a lot of time discussing ethical and regulatory issues. But in this case, it was so case-specific and applied that by the end, you know what you have to do, you know how to investigate and you know the steps for asset recovery. The final project: a professional opportunity That practical focus culminates in the personal project each participant is now completing in order to graduate: a chance to advance a project from their own work, a side interest or simply an area they want to explore in more depth. One participant is taking the programme to build up a specialised Asset Recovery Office within the Ministry of Justice. It tackles the problem that currently, competence is split between the prosecutor's office and the police, and neither magistrates nor police officers have the same view of the data. Another participant is working on a proposal to bring public-private collaboration to her country's asset recovery efforts. She noticed a clear gap: information that should flow between the two sectors simply wasn't being exchanged. Throughout the programme, she tested her model with instructors, refining it with their feedback. Her final project now sets out how that collaboration could actually work in practice. Discussing future career steps The closing event was also a chance to look ahead to the careers and opportunities this certificate can open. An exclusive panel discussion showcased the breadth of career paths in combating financial crime, bringing together experts from international organisations, the public sector and private industry. The panel featured Kodjo Attisso Coordinator of the Illicit Finance Fusion Center – Africa at UNODC , Federica Maschera Group Financial Crime Engagement Manager at HSBC Holdings plc , Pedro Gomes Pereira Advisor on Anti-Corruption and Asset Recovery and Maria Schnebli Federal Prosecutor at the Office of the Attorney General of Switzerland . The panellists shared their career paths and challenges in the various sectors, and the steps they took to get to their current affiliations. Maria Schnebli also gave a keynote speech on international collaboration and the challenges of combating financial crime from a Swiss prosecutor's perspective. This tied in perfectly with the work the students had done throughout the course. The Gretta Fenner Scholarship Fund Some students in this cohort could only take the course thanks to financial support. We launched the Gretta Fenner Scholarship Fund to help cover tuition costs for talented professionals from low-income backgrounds. We have received, and continue to receive, generous donations from organisations and individuals alike. Julio Petrucci, a prosecutor at the Attorney General's Office of the Province of Buenos Aires, Argentina, was one of the participants who benefited. As he puts it: To donors and benefactors, I would say that your contribution isn't just individual support for one student – it's a direct investment in justice across our countries. Thanks to your contribution, I now have the tools to investigate complex crimes and recover assets that belong to society. We are deeply grateful to our donors for making these opportunities possible, especially the International Academy of Financial Crime Litigators, Bonifassi Avocats, Bennett Jones, ECO Strategic Communications and Kellerhals Carrard. Another way to build capacity As the first cohort prepares to graduate, the programme marks another step in the Basel Institute's efforts to strengthen global capacity to investigate financial crime, recover stolen assets, and build a new generation of practitioners connected through a worldwide community of practice. Along with our second postgraduate programme, “CAS Mastering Today’s Anti-Corruption Challenges”, it marks our current portfolio of practice related academic programmes to support careers, knowledge and skills development of talented international professionals and practitioners. Congratulations to all the participants of this first cohort. Learn more ::: links - Discover “Combating Financial Crime Through Asset Recovery” - Postgraduate programme delivered online in partnership with the University of Basel. - Contribute to the Gretta Fenner Scholarship Fund - Help train the next generation of anti-corruption professionals. - Discover our offer of short online training courses - Practitioner-led training focused on real-world financial crime challenges. :::

Six new certified trainers will scale financial investigation and asset recovery capacity in Romania

As part of a wider Swiss-Romanian Cooperation Programme, our International Centre for Asset Recovery ICAR has concluded a successful nine-month train-the-trainer TTT programme in Bucharest. Alongside delivering foundational money laundering and asset recovery training to 125 practitioners in total, the programme has certified six new local trainers. Equipped with ICAR’s unique training methodology, they are now ready to independently train their peers and help strengthen financial investigation and asset recovery capacity across Romania. Building sustainable national capacity The six trainers certified through the programme include one judge, four prosecutors and one representative of the National Agency for the Management of Seized Assets ANABI . Fully independently, they will now deliver a further 15 workshops across the country. This effort will effectively bring the total number of practitioners trained to around 500, including judges, prosecutors, specialists, ANABI inspectors and other relevant practitioners. This is a clear example of how train-the-trainer programmes are a proven approach to building sustainable national capacity. On one side, certified local trainers help ensure that knowledge and skills continue to be transferred even after a programme concludes. On the other side, participants benefit far more from learning from peers who understand their specific challenges and possibilities. Two critical legal tools in focus This time, the programme placed particular emphasis on two areas where practitioners can strengthen their response to financial crime: treating money laundering as a standalone offence and launching financial investigations from the earliest stages of a case. 1. The standalone money laundering offence A persistent challenge in money laundering investigations is the assumption that prosecutors must first prove or secure a conviction before pursuing money laundering charges. Under the Council of Europe's Warsaw Convention CETS No. 198, Art. 9 and EU Directive EU 2018/1673 on combating money laundering by criminal law, a conviction for money laundering actually requires neither a prior nor a simultaneous conviction for the predicate offence, nor that the predicate offence be established or identified with precision: prosecutors need only show that the property derives from criminal activity, not which specific crime generated it. As one of the newly certified trainers reflected: I highly valued the new perspective of setting aside the old view of placement, layering and integrating the proceeds of a crime in order to prove money laundering. … It was very useful the approach of covering as many areas as possible impacted by money laundering, like crypto assets, which I did not know almost anything about before, and asset recovery, which is not a topic very much considered in our practice. I was also very impressed how the concept of multi-stakeholder approach in fighting ML was reflected in setting up the groups for the practical exercise. 2. Systematic use of parallel financial investigations Another important approach is the systematic use of parallel financial investigations to identify and trace criminal assets from the outset of a case. This approach is now required under Directive EU 2024/1260 on asset recovery and confiscation, which obliges Member States to launch asset-tracing investigations alongside criminal investigations into high-revenue-generating crime, rather than waiting for a conviction before tracing assets. This shift is already visible in practice. One trainer wrote: I started talking to my colleagues about financial investigations and money laundering. I managed to send to court my first money laundering case, though not standalone, and I also started asking the police to start financial investigations from the beginning of the file. From training to real cases The effect of our training has also reached institutional level. One trainer reported: The management has started disseminating theoretical and practical materials on these topics, organising meetings and training sessions with practitioners and academics, and actively encouraging prosecutors to consider money laundering and asset recovery aspects in their cases. These initiatives have facilitated increased awareness and engagement within the institution. This is exactly the dual impact we seek through the Train-the-Trainer model: a sustainable, independently delivered training capacity, paired with a genuine shift in how practitioners approach financial investigations in their daily work and how their institutions prioritise it. With the first independently delivered workshops planned for September 2026, our ICAR training team looks forward to following the six newly certified trainers and seeing their work generate further impact across Romania. About the programme This TTT was part of the Component 3 of a larger Swiss-Romanian Cooperation Programme Strengthening the institutional capacity in the area of financial investigations and asset recovery FIARS . This component is implemented by the Prosecutor’s Office attached to the High Court of Cassation and Justice PICCJ as component operator, in partnership with the National Institute of Magistracy INM and the Basel Institute on Governance as the Swiss partner.

Q&A: Why civil society and journalists need asset recovery skills – and how they can gain them

Investigative journalists and civil society organisations are often the first to uncover corruption, suspicious financial flows and hidden assets. But turning those discoveries into successful financial investigations and recovered assets requires specialised knowledge that many practitioners have never had the opportunity to acquire. To help bridge this gap, the Basel Institute's International Centre for Asset Recovery ICAR has developed a new training course on Asset Recovery for Civil Society and Journalists. Combining practical exercises, open-source intelligence techniques and a realistic corruption case simulation, the course equips participants with a deeper understanding of how assets are traced, investigated and ultimately recovered. In this Q&A, ICAR trainers Tom Walugembe and Emmanuel Mringo explain why the training was developed, what makes its approach distinctive, who it is designed for and the impact they hope participants will have after completing it. What specific gap or need led to the development of this course for civil society and investigative journalists? In the past two decades we have seen major financial crime scandals, such as the Panama and Pandora Papers leaks, in which efforts by organisations like the International Consortium for Investigative Journalists ICIJ and the Organised Crime and Corruption Reporting Project OCCRP have led to financial crime investigations and prosecutions. Yet in many parts of the world, journalists and other non-state actors like civil society organisations CSOs are under-equipped with the knowledge of asset recovery processes needed to carry out their core work effectively. For CSOs, that often includes advocacy for policy reform. For journalists, it means evidence-based investigative reporting, as well as the skills to trace illicit financial flows, understand money laundering typologies and gather actionable information whose exposure can trigger financial investigations and lead to the recovery of stolen assets. There is international recognition of their importance in the fight against corruption – e.g., Article 13 of the UN Convention Against Corruption, which requires state parties to take measures to promote the participation of CSOs and individuals in the fight against corruption. But when it comes to investigating and recovering proceeds of corruption, there is little or no targeted training to enable CSOs and journalists to play this role effectively. We developed the course to address these capacity gaps. How does this course fit within and complement ICAR’s wider training and learning offer? This course complements ICAR’s broader training portfolio by broadening its traditional audience. ICAR training programmes focus heavily on law enforcement agencies, prosecutors, financial intelligence units and judicial authorities. This new module extends ICAR’s reach to non-state actors while aligning with ICAR’s uniquely effective methodology and offerings. It also integrates with Basel LEARN, the Basel Institute’s online learning platform, which enables blended learning and pre-course preparation. The course emphasises core ICAR themes, including parallel financial investigations, international cooperation, and asset tracing, freezing and confiscation. And ICAR’s postgraduate programmes on asset recovery? Unlike the ICAR-led Certificate of Advanced Studies CAS programme on Combating Financial Crime Through Asset Recovery, this is a short professional training course rather than a university-accredited academic programme. The CAS programmes, delivered in partnership with the University of Basel, run over six months and require around 300 hours of study. By contrast, this course provides a focused, accessible introduction to asset recovery concepts and practical skills. The aim is to enable individuals to strengthen their contribution to transparency, accountability and anti-corruption efforts without the substantial time commitment of a postgraduate programme. What makes the course’s approach – especially the use of a simulated case and OSINT –distinctive for this audience? Like other ICAR training modules, the course focuses on developing practical skills through the “learn by doing” methodology. Participants do not simply learn theoretical concepts in a classroom setting. Working in teams, they conduct a simulated corruption and money laundering investigation. They learn to follow financial trails wherever they lead, through layers of international banking transactions and the misuse of offshore shell companies. As this audience of CSOs and investigative journalists lacks investigative powers such as accessing bank accounts or searching premises , the course emphasises alternative methods for securing information that could trigger or support financial investigations. These include using access to public information laws and open-source intelligence OSINT . What kind of real-world impact do you realistically hope participants will have after completing the training? First, better investigations. Individuals who complete the course will gain stronger OSINT skills to effectively gather information on financial crime and illicit assets. They will have broader knowledge to detect modern bribery and money laundering schemes. They will understand anti-money laundering frameworks and the meticulous process of conducting financial investigations. They will have greater capacity to analyse financial records, such as bank statements, company documents and procurement records. Second, more objective reporting. The course will expose participants to the practical challenges of financial investigations and asset recovery, including capacity gaps, asset management and slow international cooperation. This will lead to, among other things, more objective press reporting on financial crimes and asset recovery cases. Third, a stronger accountability role. Upon completing the course, participants will also have the broader knowledge needed to report on and follow up on the reuse of recovered assets, ensuring they are used effectively. Fourth, a stronger network. The course will provide a platform to foster better cooperation among CSOs, investigative journalists and law enforcement agencies. It will also foster regional and international cooperation among CSOs and Investigative Journalists. Our dream? That CSOs and journalists go from being external observers and reporters to complementary actors who ensure that financial investigations are effective and transparent, and that stolen assets are quickly detected, traced, seized, well-managed, confiscated, repatriated and deployed to achieve sustainable development. Ambitious, but essential to making a dent in the corruption and financial crime that hinder development and prosperity worldwide. Interested in bringing this training to your organisation or network? The Asset Recovery for Civil Society and Journalists course can be delivered either onsite or online for booked groups of approximately 25–30 participants. It is suitable for national, regional or international audiences and can be tailored to specific contexts and learning needs. For individuals, the course is also offered online as an open enrolment programme, allowing participants from anywhere in the world to join. To learn more or discuss delivery options, contact training@baselgovernance.org.

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