Financial Crime World

Asset Recovery Processes in Bolivia: A Success Story

In a significant achievement, the government of Bolivia has successfully recovered assets valued at over $820,000 from an individual involved in a crime of legitimization of illicit gains. This success highlights the country’s commitment to combating financial crimes and recovering stolen assets.

Background Information

The asset recovery was initiated through an investigation in the country of origin, which led to the identification of assets located in Argentina. The national bodies responsible for asset restitution were the Consulate General of Bolivia in Buenos Aires and a legal representative of a company who returned funds through a bank transfer to a government fiscal account.

Underlying Crime

The underlying crime that led to the asset recovery was the Crime of Legitimization of Illicit Gains, provided for and sanctioned by Article 185 Bis of the Criminal Code in force in Bolivia. The investigation and prosecution case were ongoing in the country of origin at the time of reporting.

Asset Recovery Process

The freezing and seizure of assets were initiated through a resolution issued by the First Anti-Corruption and Matter Judge Against Violence Against Women of La Paz, which ordered the seizure of the amount on October 21, 2021. Under Bolivian law, the freezing and seizure of assets are an exclusive competence of the judiciary.

Key Steps in the Asset Recovery Process:

  • The Financial Investigations Unit (FIU) determined the existence of suspicious operations and sent information to competent authorities for criminal investigation.
  • The FIU opposed the execution of operations within 48 hours when they determined it was a suspicious operation, as established by the Regulations of the FIU.

Timeline of Asset Recovery:

  • Assets valued at $300,000 were returned in July 2021.
  • An additional $300,000 and $220,000 were also returned in July 2021.
  • The assets were frozen/seized on October 21, 2021.

Conclusion

The successful recovery of these assets demonstrates Bolivia’s commitment to combating financial crimes and recovering stolen assets. It also highlights the importance of international cooperation in asset recovery processes.