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Countries Urged to Make Financial Investigations a Routine Part of Law Enforcement Efforts

In an effort to combat financial crimes, countries are being urged to make financial investigations a routine part of their law enforcement efforts. A new report highlights the importance of integrating financial investigations into all crime inquiries involving financial gain.

Developing Effective Strategies

According to the report, countries should develop effective and efficient strategies for making financial investigations an operational part of their law enforcement efforts. This includes:

• Ensuring support from high-level officials
• Releasing public statements promoting commitment to a national strategy
• Establishing strategic planning working groups
• Conducting needs assessments
• Creating specialized investigative units
• Developing operational initiatives that promote proactive asset freezing

Training and Equipping Financial Investigators

Moreover, countries should prioritize training and equipping financial investigators with the necessary skills to effectively investigate financial crimes. This includes:

• Integrating financial investigations into “normal” or predicate offence investigations
• Ensuring close association between financial and other competent authorities
• Establishing a strategic approach to financial investigations

The Importance of Parallel Investigations

The report also emphasizes the importance of parallel investigations, which involve conducting simultaneous investigations into both the predicate offence and money laundering offences. This approach helps to:

• Identify proceeds of crime
• Prevent asset dissipation
• Contribute to upholding the principle that no person should benefit from crime

Utilizing Financial Information

Financial investigations are data-intensive, requiring the collection and analysis of records such as bank account information, phone records, and financial statements. The report highlights the importance of using financial information to:

• Identify motives, associations, and links between individuals and organizations
• Locate suspects, witnesses, and victims

Multi-Disciplinary Teams

The report also stresses the need for multi-disciplinary groups or task forces to handle large and complex financial investigations. These teams should comprise:

• Specialized financial investigators
• Experts in financial analysis
• Forensic accountants
• Forensic computer specialists
• Prosecutors
• Asset managers

Conclusion

In conclusion, the report emphasizes that making financial investigations a routine part of law enforcement efforts is crucial for combating financial crimes effectively. By developing effective strategies, training financial investigators, conducting parallel investigations, and utilizing multi-disciplinary teams, countries can help to disrupt criminal networks and bring perpetrators to justice.