Parallel Investigations: A Key Tool in Fighting Terrorism and Money Laundering
In the ongoing battle against terrorism and money laundering, law enforcement agencies are increasingly adopting a proactive approach to parallel investigations. This strategy involves conducting simultaneous investigations into both terrorist financing and associated predicate offences.
The Concept of Parallel Investigations
The concept of parallel investigations brings together expertise from both investigative backgrounds, ensuring that all offences are fully investigated and that offenders are held accountable. According to Recommendation 30, law enforcement authorities should develop a proactive parallel investigation for all money laundering, associated predicate offences, and terrorist financing cases.
Benefits of Parallel Financial Investigations
Parallel financial investigations can be particularly effective in:
- Identifying the proceeds of crimes currently under investigation
- Preventing the dissipation or disappearance of assets
- Removing the instrument for committing future crimes
- Providing insight into the hierarchy of criminal organizations
- Exposing them to possible prosecution
- Simplifying the understanding of how financial pieces fit together
Key Elements of Parallel Financial Investigations
Financial investigations are data-intensive, involving records such as bank account information, which point to the movement of money. The goal is to identify and document the movement of money during the commission of an offence, linking it to:
- Where it comes from
- Who receives it
- When it’s received
- Where it’s stored or deposited
Parallel financial investigations can also assist in:
- Identifying motives, associations, and links to people and places
- Locating or identifying suspects, witnesses, or victims
- Providing information on a suspect’s movements
- Tracing persons
- Addressing the issue of prolific and priority offenders
Effective Conduct of Parallel Financial Investigations
To ensure effective conduct of parallel financial investigations:
- Countries are encouraged to include a checklist or outline of essential elements for conducting financial investigations in their standard operating procedures for investigative agencies.
- Large, complex financial investigations should be handled by multi-disciplinary groups or task forces, comprising:
- Specialized financial investigators
- Experts in financial analysis
- Forensic accountants
- Forensic computer specialists
- Prosecutors
- Asset managers
Conclusion
By adopting parallel investigations as a key tool in fighting terrorism and money laundering, law enforcement agencies can make significant strides in disrupting criminal networks and holding offenders accountable for their crimes.