Financial Crime World

Here is the converted article in markdown format:

Countries Urged to Prioritize Financial Investigations in Crime-Fighting Efforts

OECD/FATF Report Highlights Importance of Proactive Strategies to Combat Money Laundering and Terrorist Financing

In a bid to strengthen international efforts against money laundering and terrorist financing, the Organization for Economic Cooperation and Development (OECD) and the Financial Action Task Force (FATF) have emphasized the need for countries to make financial investigations an integral part of their law enforcement strategies.

Key Elements for Effective Financial Investigations

The OECD/FATF report highlighted several key elements that countries should incorporate into their strategic plans to ensure effective financial investigations, including:

  • Ensuring High-Level Support: Promoting and adopting a national anti-money laundering/counter-terrorism financing (AML/CFT) strategy with support from government officials.
  • Establishing Specialized Investigative Units: Creating specialized investigative units focused on financial investigations.
  • Developing Operational Initiatives: Developing operational initiatives to proactively use powers to freeze assets.
  • Clear Objectives and Accountability: Creating clear objectives for relevant departments and agencies, including effective coordinating structures and accountability.

Importance of Parallel Investigations

The report also emphasized the importance of parallel investigations, which involve simultaneously investigating both the predicate offence (the underlying criminal activity) and the money laundering or terrorist financing offence. This approach allows investigators to identify the proceeds of crime and prevent their dissipation.

“Financial investigations are data-intensive and require a high degree of expertise,” said an OECD/FATF spokesperson. “By incorporating these elements into their strategic plans, countries can significantly enhance their ability to combat money laundering and terrorist financing.”

Recommendations for Countries

The report recommended that countries consider the following:

  1. Adopt a National AML/CFT Strategy: With high-level support from government officials.
  2. Establish Specialized Investigative Units: Focused on financial investigations.
  3. Develop Operational Initiatives: To proactively use powers to freeze assets.
  4. Create Clear Objectives and Accountability: For relevant departments and agencies, including effective coordinating structures.
  5. Conduct Parallel Investigations: To identify the proceeds of crime and prevent their dissipation.
  6. Establish Multi-Disciplinary Groups or Task Forces: Comprising experts from various agencies to support large-scale financial investigations.

Contact

For more information on the OECD/FATF report, please contact:

  • Name: [Name]
  • Email: [Email]
  • Phone: [Phone]