The so-called “tuna bond” corruption scandal in Mozambique has drawn international attention. Twenty people are facing corruption and money laundering charges in the country. Swiss bank Credit Suisse has agreed to pay USD 475 million in fines and write off USD 200 million in debt owed by Mozambique as part of a series of settlements with regulators in the US, UK and Switzerland for its role in the affair.
Registration is now open for the 5th Global Conference on Criminal Finances and Cryptocurrencies on 7–8 December 2021. The virtual conference explores trends, strategies and tactics in tackling crimes involving virtual assets.
A joint initiative of the Basel Institute on Governance, INTERPOL and Europol, the annual event now draws hundreds of experts and interested parties from around the world.
A model law on non-conviction based forfeiture (NCBF), drafted 10 years ago by UNODC to support countries in Latin America in their efforts to recover stolen assets, will be updated following four days of intense discussions among practitioners and asset recovery experts from across the continent.
As countries improve their capacity to recover assets derived from criminal activity, they are faced with a challenge: how should these assets be managed while the judicial process is underway?
Peru’s non-conviction based confiscation law is a crucial element in the country’s asset recovery toolkit, emphasised the country’s Special General Public Prosecutor, Dr. Daniel Soria Luján, following a three-day training course for 32 Peruvian prosecutors.
The virtual training was focused on Extinción de dominio, the country's non-conviction based confiscation law, whose implementation the Basel Institute is supporting through technical assistance and capacity building.
This position paper by the Global Coalition to Fight Financial Crime (GCFFC) outlines a set of features that GCFFC members recommend jurisdictions should include in beneficial ownership disclosure regimes.
Our recently released Basel AML Index 2021 highlights how slow and ineffective implementation of beneficial ownership registries continues to provide safe havens for dirty money.
We argue that this is damaging for individual jurisdictions, but more importantly undermines all global efforts to combat money laundering and terrorist financing (ML/TF). Excerpt from the full report:
The Basel AML Index 10th Edition explore four aspects hindering the global fight against money laundering and terrorist financing (ML/TF). The first element crunched Financial Action Task Force (FATF) data on how jurisdictions are responding to money laundering threats related to virtual assets. The answer: not well at all. Excerpt from the full report:
The use of virtual assets such as cryptocurrencies is exploding – for legitimate as well as illicit purposes.
The Financial Action Task Force (FATF)’s regional body in Latin America, GAFILAT, has welcomed our International Centre for Asset Recovery (ICAR) to join its Asset Recovery Network (Red de Recuperación de Activos del GAFILAT, or RRAG) as an observer member.