In many countries, criminal investigations are primarily directed towards the investigation of the underlying criminality. It is still comparatively rare for investigators, as a routine part of the investigation of major proceeds-generating offences, to “follow the money”. To trace money and property successfully, the investigator must be equipped to uncover and identify ownership interests often camouflaged by changes in the form and nature of the ownership.
Publication
Recovering Stolen Assets
Development efforts will remain frustrated so long as corrupt leaders continue to steal their countries' wealth and dispose of these ill-gotten gains in foreign jurisdictions. The prevention of such looting, and the recovery of the stolen assets are thus critical development issues and a cornerstone of the United Nations Convention against Corruption (2003) (UNCAC). However, to date experience with asset recovery is limited, and a number of legal and other obstacles continue to impede progress.
Promising young researcher Stefan Mbiyavanga has been selected to present his latest work at the OECD Global Anti-Corruption & Integrity Forum on 20 and 21 March 2019.
Stefan's application was among the top 10 of 146 entries to the OECD's Youth ResearchEdge Competition, which provides a platform for young researchers to present fresh insights and evidence on corruption-related topics.
The Basel Institute on Governance congratulates the Peruvian judiciary in confiscating a Luxembourg bank account belonging to James Stone Cohen, the former arms dealer of convicted Peruvian politician Vladimiro Montesinos. The International Centre for Asset Recovery (ICAR), working through the Basel Institute’s country office in Peru, is proud to have assisted with the process.
Our Managing Director, Ms Gretta Fenner, recently spoke to The Ukrainian Week about ICAR’s cooperation with, and technical assistance to the Prosecutor General’s Office of Ukraine in investigating financial crimes of the Yanukovych regime, highlighting key operational tools and cooperation mechanisms for successfully tracing and recovering illegally obtained assets.
The Basel Institute on Governance has partnered with Zurich-based MME to offer a training course on blockchain, cryptocurrencies and anti-money laundering/countering the financing of terrorism (AML/CFT). The two-day course, FinTech AML Compliance Training, covers the essentials of blockchain and how to adapt AML/CFT processes to the FinTech industry.
Around 60 justice officials, including judges and prosecutors, from the Peruvian provinces of San Martín and Piura, have participated in a training course entitled "Studies on Asset Recovery and International Judicial Cooperation in Corruption and Other Financial Crimes".
News
Switzerland to return USD 15 million in stolen assets to Peru in landmark extrajudicial agreement
Swiss authorities have executed an extrajudicial agreement signed between Peru and Montesinos' frontman.
Peruvian authorities and Víctor Venero Garrido, the main frontman of former presidential advisor Vladimiro Montesinos, signed an out-of-court settlement to return approximately USD 15 million from Switzerland to Peru. The money comes from corrupt dealings during the 1990s and the case has lasted 17 years. This is the third and largest of the five accounts located in Switzerland whose assets will be returned to Peru.
The Basel Institute on Governance and Ecuador's Financial and Economic Analysis Unit (Unidad de Análisis Financiero y Económico, UAFE) have signed a Case Consultancy Agreement. The agreement, signed on 29 November during the Basel Institute's third mission to Quito, sets out general lines of mutual cooperation in areas related to the fight against corruption, money laundering and other financial crimes.