A group of the world's top financial crime litigators has just published a collection of updates on justice continuity around the world.
Published by the International Academy of Financial Crime Litigators, the collection covers court systems in: Austria, Canada, England, France, Ireland, the Netherlands, North Macedonia, Slovakia, England and Wales, and the United States.
This special analysis look at five initial areas for the asset recovery community to consider in the light of the covid-19 pandemic. It has been put together based on insights of the Basel Institute's asset recovery team. It covers:
The disruptive force of the covid-19 pandemic is sweeping around the world. Anti-corruption and asset recovery assistance programmes, such as those in which our International Centre for Asset Recovery specialises, are caught up in the waves – for better or for worse.
The agility that we pride ourselves on at the Basel Institute is often tested, not least by political turbulence in our partner countries. Beyond its implications for society and its catastrophic impact on victims and health systems, the coronavirus pandemic is the biggest test for us so far.
Journalist Bertram Hill of the BBC Africa Eye Investigative Team joined media consultant Ladan Cher in March 2020 to lead an intensive open-source intelligence workshop for 13 of Malawi’s leading investigative journalists.
During the four-day workshop, the participants explored the many possibilities of open-source intelligence gathering, including:
Following the financial trail is a daunting task, said Justice Loice Matanda-Moyo, Chairperson of the Zimbabwe Anti-Corruption Commission (ZACC), at the start of a scoping mission by the Basel Institute’s International Centre for Asset Recovery (ICAR).
But, she continued, although asset recovery is complex and reliant on international cooperation, it is the most effective way to curb corruption.
“Prior to this training, we thought we knew it all,” said a participant of an ICAR Financial Investigations and Asset Recovery training workshop in Comoros on 24–28 February. “But we have now realised that there is a lot we can improve on.”
Another senior participant stated that he will call a meeting of all officers under his supervision to apply the new knowledge of money laundering offences and financial investigation processes immediately to the team’s work.
Russia’s risk level in the Basel AML Index has hit a record low following a December 2019 Financial Action Task Force (FATF) assessment that rated the country’s anti-money laundering and counter terrorist financing (AML/CFT) systems as reasonably effective.
Financial investigations are critical to proving crimes such as corruption, fraud and trafficking in humans or illicit goods. They are also central to confiscating illegally obtained assets from criminals – so that crime doesn’t pay.
Yet there is often confusion about who performs financial investigations, how, when and why, as well as their relationship to criminal investigations. All of these questions are further complicated by the fact that different countries have different legal systems, different laws and different terminology.
This quick guide by Phyllis Atkinson looks at how criminals manipulate and misuse corporate vehicles in offshore jurisdictions to launder money. It focuses on the meaning of "corporate vehicle" and "offshore" and other related concepts such as beneficial ownership. It also gives an example of how a trust, which is one common type of corporate vehicle in the vast "offshore ecosystem", can be used for illicit purposes.