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

In an effort to combat financial crimes and bring perpetrators to justice, countries have been advised by the Financial Action Task Force (FATF) to make financial investigations an integral part of their law enforcement strategies.

FATF Recommendations

The FATF has issued a set of recommendations urging countries to take proactive measures to ensure that financial investigations become a routine part of all law enforcement inquiries related to crime with financial gain. The recommendations include:

• Developing effective and efficient strategies to make financial investigations an operational part of law enforcement efforts
• Ensuring support from high-level officials
• Releasing public statements demonstrating commitment to a national strategy
• Establishing strategic planning working groups
• Conducting needs assessments
• Creating specialized investigative units
• Developing operational initiatives
• Articulating clear objectives

Prioritizing Training and Collaboration

Countries have also been advised to prioritize the training of financial investigators, ensuring that they are experienced in financial investigation matters involving both domestic laws and international conventions and standards. Financial investigations should be worked closely with or fully integrated within “normal” or other predicate offence investigations.

Parallel Investigations

The FATF has emphasized the importance of parallel investigations, which involve focusing on both the predicate offence and the money laundering offence simultaneously. This approach brings together expertise from both investigative backgrounds, ensuring that offences are fully investigated and preventing the infiltration of illegal profits.

Structuring Financial Investigations

Countries have been advised to consider including checklists or outlines of essential elements for conducting financial investigations in their standard operating procedures for investigative agencies. This can help structure each financial investigation and guide investigators.

Multi-Disciplinary Teams

In large, complex financial investigations, the FATF recommends assembling multi-disciplinary groups or task forces comprising specialized financial investigators, experts in financial analysis, forensic accountants, forensic computer specialists, prosecutors, and asset managers.

Goals of the Recommendations

The FATF’s recommendations aim to enhance international cooperation, improve the effectiveness of financial investigations, and prevent the misuse of financial systems for illegal activities. By following these guidelines, countries can work together to combat financial crimes and bring perpetrators to justice.