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Financial Crime News: Seychelles Trains Law Enforcement Agencies to Combat Illicit Financial Flows
A high-level training program on illicit financial flows (IFFs) has concluded in the Republic of Seychelles, with law enforcement agencies from eight countries participating. The five-day event was facilitated by Canadian Law Enforcement experts and aimed at strengthening the Seychelles National AML/CTF Taskforce’s ability to combat money laundering, IFFs, and terrorism financing.
Key Focus Areas
- Use of intelligence obtained through the Financial Intelligence Unit (FIU) to structure investigations and scrutinize financial crimes
- Advanced investigative techniques, management of seized assets, and conducting financial investigations with the analysis of intelligence obtained from internal disclosures and foreign sources
Event Details
The event was attended by a diverse group of professionals from law enforcement agencies in Seychelles and neighboring countries. The training program was designed to address the multifaceted challenge of thwarting the financing of terrorism and other forms of transnational organized crime in Eastern Africa.
Experts Emphasize Collective Action
Experts emphasized the need for collective action to combat IFFs, which are often used to finance criminal activities and undermine national security. “The fight against terrorism financing and other transnational organized crimes is far from over,” said UNODC’s Deputy Regional Representative for Eastern Africa, Ms. Maria Temesvari. “It is high time for policymakers and law enforcement agencies to come together and work towards identifying and addressing the existing gaps in the framework for combating terrorism financing and other transnational crimes.”
Global Effort
The training program was supported by the Canadian government and is part of UNODC’s global effort to combat money laundering, IFFs, and terrorism financing. UNODC is working to empower financial intelligence units, improve cross-border cooperation between law enforcement agencies, and strengthen the legal framework for prosecuting and confiscating the proceeds of crime.
International Collaboration
The training program highlights the importance of international collaboration in combating financial crimes, which are a significant threat to national security and economic development. With the increasing sophistication of criminal networks, it is essential that law enforcement agencies and financial institutions work together to detect and prevent IFFs and other forms of financial crime.