Financial crime
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The powerful role of investigative journalists in tackling crypto-related crime (and what would boost it)
How can investigative journalists help expose crypto-related crime – and educate both the public and policymakers in an increasingly complex financial landscape? That was the knot unravelled in a recent webinar jointly organised by the Basel Institute on Governance and the Organization for Security and Co-operation in Europe OSCE , and moderated by Dr Jolly Mtaba of Malawi University of Business and Applied Sciences. Speakers spanning investigative journalism, law enforcement and public-private cooperation discussed the opportunities and challenges of investigating illicit activity involving virtual assets. They also probed the skills and collaborations needed to turn media investigations into on-the-ground impact on public awareness, policy advancement and law enforcement action. Below are some of the key takeaways from the discussion. Why does investigative journalism matter in the fight against crypto-related crime? According to investigative journalist Geoff White , journalists play two critical roles. One is investigative: uncovering wrongdoing, exposing weaknesses in systems and shining a light on fraud, corruption and money laundering. The other is educational. Many people have heard of cryptocurrency, but far fewer understand how it works, how it can be misused or why it can create opportunities for criminals. Journalists therefore have an important role in helping the public, policymakers and law enforcement agencies understand increasingly complex financial crime risks. As White noted, and has sought to do in his latest book Rinsed and podcast series The Lazarus Heist , there's the explanation piece, and then there's also the investigation and the forcing daylight into this industry. What makes crypto investigations different? The panellists agreed that crypto-related investigative reporting presents unique challenges. Spencer Woodman of the International Consortium of Investigative Journalists ICIJ gave an example from the ICIJ’s Coin Laundry investigation. He explained that while many aspects of crypto investigations resemble traditional money laundering investigations, aspects such as self-custody wallets and crypto-to-cash services introduce a new level of complexity. Unlike traditional financial accounts, self-custody wallets can be created quickly, anonymously and without the involvement of a financial institution, he explained: One thing that amazed me in this investigation was figuring out how easy it is to make my own self-custody wallet. You can generate these things at the click of a button, and that’s one reason scammers have such an easy time laundering money in crypto. This makes tracing funds significantly more difficult, particularly when cryptocurrency is converted into cash through informal crypto-to-cash desks or courier services operating outside traditional regulatory frameworks. Building on White’s comments about the explanatory function of journalism, an additional challenge is explaining complex blockchain technology to the audience, said Woodman: These scoops and new pieces of information are often about complex financial dealings, and that's already difficult to explain to readers in a succinct way. And then you have this additional challenge of having to explain what cryptocurrency is at a more basic level to a general readership. So the stories are serving a dual purpose – explaining the complex ins and outs of crypto, and then trying to explain the often complicated findings of our investigation. Can investigative journalism lead to real-world action? The answer is a clear yes. Alexandra Gillies of the Organized Crime and Corruption Reporting Project OCCRP highlighted several investigations that led to concrete outcomes. After one investigation into the Lithuanian crypto company Bankera, the Lithuanian authorities launched a criminal investigation and conducted more than 30 raids of companies connected to the case. Two banks in Lithuania and Vanuatu faced consequences too. Another OCCRP investigation uncovered links between two UK-registered crypto exchanges and suspected Iranian money laundering networks. Following publication, the companies were removed from the UK corporate register. She explained: At OCCRP we take a proactive approach. First, through outreach to people who can use the information, such as the briefings we gave to law enforcement agencies and policymakers about the findings of our big Scam Empire project. Second by collaborating with civil society organisations such as Transparency International – where the journalists do their reporting, and then the civil society groups push for policy change, or for accountability and legal consequences for those involved in the wrongdoing. This has worked really well on a number of corruption issues. Moderator Dr Jolly Ntaba added an example from Malawi, where a collaborative corruption investigation by journalists sparked a national debate and led to a presidential directive aimed at addressing some of the issues uncovered. How can journalists and law enforcement work together without compromising independence? This was one of the webinar's central themes. Eric van der Schild , Head of Europol's Financial Intelligence Public Private Partnership EFIPPP , emphasised that trust is essential. Journalists and law enforcement agencies have different mandates and operate under different constraints, but both share an interest in exposing criminal activity and improving public safety. He and other panellists stressed that cooperation does not mean sharing unpublished information or compromising journalistic independence. Gillies clarified that OCCRP's engagement with law enforcement takes place after publication and is based on publicly available reporting: The way we share information is by publishing stories. Instead, panellists highlighted the value of dialogue, mutual learning and ensuring that investigative findings reach the institutions best placed to act on them. The old adage remains true, said van der Schild: Trust arrives on foot and leaves on horseback. What skills do journalists need to investigate crypto-related crime? Several panellists highlighted the growing need for specialist expertise. Tom Walugembe of the Basel Institute’s International Centre for Asset Recovery pointed to a range of skills that can strengthen investigative reporting, including financial analysis, open source intelligence techniques and a better understanding of asset recovery mechanisms. He also emphasised the importance of understanding how law enforcement agencies conduct investigations and cooperate across borders. The need for such skills beyond law enforcement is the main driver of the Basel Institute’s development of a new course on financial investigations and asset recovery directed specifically at civil society organisations and investigative journalists. Woodman argued that journalists do not need to become blockchain specialists overnight. However, they do need a solid understanding of the basics: The best way to operate, in my opinion, as a reporter focusing on crypto, is to build some capacity and understanding of how to use public blockchain explorers. That foundation allows journalists to engage more effectively with technical experts and critically assess the information they receive: There are things in the metadata of those transactions that can really trip you up… relationships with experts are crucial, but it’s never very helpful to go to an expert and say: tell me everything about what I’m looking at here. You need to look at the thing yourself and then say: am I looking at this correctly? Are there enough resources and expertise available? Not yet. Both OCCRP and ICIJ described ongoing efforts to build internal expertise on cryptocurrency and blockchain analysis. One challenge is that many media organisations rely on commercial blockchain analytics providers, which can be expensive and may have potential conflicts of interest due to their relationships with industry clients. As a result, several speakers stressed the importance of building in-house expertise. Gillies noted that investigative journalism increasingly requires multidisciplinary teams capable of combining traditional reporting skills with technical and financial expertise. At the OCCRP, they are keen to strengthen collaboration with academic researchers and data scientists, she said. What challenges do journalists face? Apart from the omnipresent challenges of resources and expertise, the risks associated with investigating crypto-related crime are often the same risks faced by journalists investigating corruption, organised crime and money laundering more broadly. These include legal threats, cyberattacks, political pressure and, in some countries, threats to personal safety. In response to a question from the audience, panellists emphasised the impact of declining press freedom. Restrictions on independent journalism can lead to self-censorship, force journalists into exile and reduce the amount of actionable information that reaches the public domain. Gillies said: There’s a lot of stress and distraction that comes from managing repression. The panellists agreed that protecting press freedom is essential if investigative journalism is to continue playing an effective accountability role. It’s in governments’ interests to “take that issue seriously and put it at the top of the agenda”, including both legal protections and adequate resourcing. What was the overall message? The webinar highlighted that cracking down on crypto-related crime is a complex challenge that is evolving at a dizzying rate and that requires all hands on deck. Investigative journalists, law enforcement agencies, civil society organisations, researchers and policymakers each bring different strengths to that effort. And though the technology may be evolving rapidly, the aim remains the same: follow the money, expose wrongdoing, ensure that those responsible are held accountable and strengthen policies to protect people, businesses and states. As the discussion demonstrated, investigative journalism continues to be one of the most powerful tools available for achieving that goal. Learn more ::: links - View the webinar recording on YouTube - Read about the role of international and non-profit organisations in tackling crypto-related crime, drawing on another Basel Institute–OSCE webinar and insights from UNODC, the FIU :::
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
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
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.
More than Gantt charts: fighting financial crime as a Programme Manager
Misozi Samuti Chimbe, Programme Manager for Southern and East Africa at the Basel Institute’s International Centre for Asset Recovery ICAR , reflects on how her passion for public service has led her to pursue the bigger mission of protecting public resources, and how her work has become a deeply personal endeavour. This article is part of a series on careers in fighting financial crime and opportunities to learn and study with the Basel Institute. Financial crime has real, tangible effects on our everyday lives. And those of us with strong management skills can play a role in countering it. Like many young people, I had various ideas about what a fulfilling and impactful career could look like. My original goal was to follow in my father’s footsteps and become a biomedical practitioner. However, life and my faith have led me to believe that God had other plans. I ended up studying and excelling in accounting, a path that would later open unexpected and rewarding opportunities. An accountant with a passion for public service I began my professional journey as an intern at the Malawi Revenue Authority. From there, I moved on to TotalEnergies, gaining valuable private-sector experience as an accountant. Although a career in the private sector looked promising, my passion for public service continued to grow. This led me to join a Canadian non-profit organisation working to build healthy communities in Africa. Eventually, I transitioned into financial administration when I joined the Basel Institute’s International Centre for Asset Recovery ICAR in 2018 in support of the UK-funded Tackling Serious and Organised Corruption TSOC programme in Malawi. It was through this transition that I discovered the world of countering financial crime and asset recovery. I became Programme Manager for Malawi not long after joining the Institute. As the Basel Institute strengthened its regional hubs and its interactions between different teams and programmes, my role later expanded to that of Programme Manager for Southern and East Africa as a whole. Combining my background in financial management and compliance with programme management allowed me to connect technical skills to the bigger mission of protecting public resources. This journey has not only shaped my career but also given me a strong sense of direction and purpose. Having impact is fulfilling Financial crime can seem abstract and distant, but through my work, I have realised it has profound consequences and is deeply personal. It is not merely about money lost in complex systems. It is about hospitals that never get built, children who are denied quality education and communities that are robbed of opportunities to thrive. And I can do something about it. As a programme manager, I am naturally drawn to problem solving and to identifying unlikely connections between the work I do and the people I work with to create positive change. Working in countering financial crime takes this to another level. It means that my work contributes to safeguarding critical resources and making sure they benefit society, rather than being siphoned away through corruption and other forms of abuse. There’s never a dull moment in managing financial crime programmes – from balancing risks and designing activities that are feasible, sustainable and grounded in local context, to tailoring solutions to ensure partner buy-in and ownership for long-term impact. It’s the people Another aspect that truly fulfils me is the human side of this work. I have had the privilege of engaging in conversations that stretch from high-level policy rooms and international forums to discussions with young people, women in rural markets and public servants. Each interaction has reinforced for me how financial crime silently steals from our collective future and why our efforts truly matter. Through my work, I have come to appreciate the immense efforts of women and men in our law enforcement agencies, civil society and the media who work tirelessly to secure the future of our generation and those to come, often against great odds. Before my exposure to this field, I would not have recognised these efforts. Understanding financial crime and how it affects each and every citizen remains a work in progress in many regions and jurisdictions, including my country Malawi. A global community driven by a shared goal Working with diverse teams of experts from my country, the region and around the world – all driven by the same goal of fighting financial crime – has been one of the greatest sources of motivation and pride in my career. I have seen a South African expert advising on a European financial crime case, just as I have witnessed a Kenyan colleague leave his home to share his knowledge and experience in another country within our region. To me, this is the best demonstration of ubuntu – a deep sense of oneness and shared humanity that transcends all differences. It reminds me that this work is not only about protecting resources but also about standing together to safeguard our collective future. Being part of these collective efforts gives me a purpose beyond a paycheque. Every policy we review, every illicit asset we help recover and every case we support is a step towards restoring hope and opportunities for future generations. It is not just about Gantt charts and compliance, it is so much more A formal foundation and learning from the best While I began with a formal foundation in accounting, continuous learning has been critical in helping me evolve and remain effective. My accounting background has enabled me to handle tasks such as leading donor audits and ensuring compliance. But it is the on-the-job training and exposure to experts in financial investigation, asset recovery and policy that have truly shaped my professional growth. I have been fortunate to learn from some of the best practitioners in the field through the Basel Institute. Beyond technical knowledge, these mentors have taught me to see the bigger picture and understand where I can add value. I have also deliberately taken advantage of all ICAR-delivered training opportunities, both in-country and online. Today, I can analyse policy, discuss FATF ratings and justify best practices for case support – skills that have made me a valuable member of my team. Relationships built on trust and a common vision Equally important has been the power of networking and relationship building. Connecting with peers across government, civil society and international partners has shown me that success does not rely on technical expertise alone. Trust, collaboration and a shared vision are critical to achieving meaningful change. These relationships have been some of my greatest teachers, helping me grow not just as a professional but also as a person dedicated to service. In the end, working in financial crime has given me far more than I ever expected: a chance to contribute to national and global change, to protect future generations and to find deep fulfilment in a career that is about much more than numbers and compliance. Learn more Basel LEARN – our online training and learning hub with free eLearning courses and lots more Basel STUDY – our new postgraduate programmes on anti-corruption and asset recovery with the University of Basel
Publications
Working Paper 54: Targeting illicit wealth through non-conviction based forfeiture: Identifying human rights and other standards for Latin America
This Working Paper explores the wide variety of non-conviction based (NCB) forfeiture laws in Latin America, with a special focus on the region’s predominant model, Extinción de dominio.
It argues that NCB forfeiture legislation, which allows for the recovery of stolen assets outside of criminal proceedings, can contribute significantly to a state’s criminal policy response to rampant economic and organised crime.
The paper emphasises the importance of critically reviewing and harmonising domestic practices of NCB forfeiture around emerging standards, so that they can reach their large potential in asset recovery. Ensuring their alignment with international human rights and other recognised norms and procedural rules ultimately builds trust, lends legitimacy and fosters judicial cooperation in international NCB forfeiture cases.
About this report
The paper is based on experience gained through the Basel Institute’s International Centre for Asset Recovery (ICAR), which since 2006 has supported partner countries in investigating, prosecuting and recovering assets arising from grand corruption and other crimes.
This paper is published as part of the Basel Institute on Governance Working Paper series, ISSN: 2624-9650. You may share or republish the Working Paper under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY-NC-ND 4.0).
Suggested citation: Solórzano, Oscar. 2024. ‘Targeting illicit wealth through non-conviction based forfeiture: Identifying human rights and other standards for Latin America.’ Working Paper 54, Basel Institute on Governance. Available at: baselgovernance.org/publications/wp-54.
Quick Guide 26: National money laundering and terrorist financing risk assessments
This quick guide explains the role of national risk assessments in addressing money laundering and terrorist financing (ML/TF) risks.
It explains how national risk assessments are conducted, challenges in terms of methodology and data availability, and how well countries are doing at performing them.
NRAs are a critical element of the Financial Action Task Force (FATF) standards on ML/TF. They also provide data in special reports of the Basel AML Index.
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 25: Tax investigations and illegal wildlife trade
What role could tax investigations play in detecting, investigating and prosecuting cases of illegal wildlife trade? Potentially a large one, with the right coordination and capacity.
This quick guide by Jovile Mungyereza, Financial Investigation Specialist in our Green Corruption programme and former Tax Investigations manager at the Uganda Revenue Authority, gives a brief introduction to the surprisingly under-researched and under-utilised possibility of using tax laws and investigations to target high-level wildlife traffickers.
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, and was funded by the UK Government through the IWT Challenge Fund.
Wildlife crime learning series – understanding risks, avenues for action
This series of four publications are the PDF versions of a flexible and practical learning resource developed by the Green Corruption programme at the Basel Institute on Governance. The introductory series covers:
- Illegal wildlife trade and financial crime
- Illegality in the exotic pet trade
- Forest crime and the illegal timber trade
- Marine species trafficking
The series is broadly aimed at:
- Private-sector companies exposed to risks of illegal wildlife trade and related crimes, including financial institutions, transport companies, traders and wholesale retailers
- Policy makers
- Law enforcement
- Practitioners in both conservation and anti-corruption fields
The aim is to broaden understanding of the threats that wildlife crimes pose to sustainable development and clean business. It provides relevant information, statistics and background knowledge to help enhance policies and processes aimed at curbing wildlife crime and associated risks. The focus is on financial crimes and supply chain vulnerabilities that facilitate the illegal trade in wildlife and thereby increase companies’ legal, financial and reputational risks.
This learning resource and many more are available as interactive learning tools on the Basel Institute’s LEARN platform.
The Green Corruption programme at the Basel Institute on Governance applies anti-corruption and governance tools to address environmental crime and degradation. For more information, see www.baselgovernance.org/green-corruption
This publication was funded by PMI IMPACT, a grant award initiative of Philip Morris International (PMI). In the performance of their research, the authors maintained full independence from PMI. The views and opinions expressed in this document are those of the authors and do not necessarily reflect the views of PMI. Neither PMI, nor any of its affiliates, nor any person acting on their behalf may be held responsible for any use which may be made of the information contained herein.
The work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY-NC-ND 4.0).
It is based on content provided by Patricia Raxter with editing and other input from Alexander Berman, Juhani Grossmann, Monica Guy, Shane McLean, Manuel Medina and David Ward.
Citation: Basel Institute on Governance, 2021. *Wildlife crime – understanding risks, avenues for action. *Basel: Basel Institute on Governance, https://baselgovernance.org/publications/wildlife-crime-series
Case Study 5: The Nun – Confiscating assets of the Shining Path terrorist organisation / Estudio de caso: La monja – Decomisando los activos de la organización terrorista Sendero Luminoso
This case study describes the background, legal strategy and conclusion of a landmark case of non-conviction based confiscation in Peru that has enabled the successful confiscation of around one million dollars linked to terrorist financing.
The case relates to Nelly Marion Evans Risco, a British-Peruvian woman known popularly as “The Nun”. Evans held funds in a bank account in Switzerland that were intended to finance the Shining Path terrorist organisation, whose violent acts in the 1990s were responsible for an estimated 60,000 deaths in Peru.
As well as explaining the prosecutorial strategy behind the case, the study also discusses the Peruvian law on non-conviction based confiscation of illicit assets, extinción de dominio.
This case study was produced in the context of the Cooperation Agreement signed between the Basel Institute on Governance and the Public Prosecutor’s Office of Peru. Its purpose is to provide a documentary record of emblematic cases of asset recovery in which there has been a successful synergy between both institutions. It is a knowledge tool suitable for both a general and specialised audience.
This work is licensed under a Creative Commons Attribution-Noncommercial-NoDerivs 4.0 International License (CC BY-NC-ND 4.0). Citation: Solórzano, Oscar. 2021. *Case study: The Nun – Confiscating assets of the Shining Path terrorist organisation. *Basel Institute on Governance. https://baselgovernance.org/publications/case-study-the-nun