Financial Crime and Compliance News: Seychelles Takes Step Forward in Combating Illicit Financial Flows
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The Republic of Seychelles has made significant strides in combating money laundering, terrorism financing, and other transnational crimes with the conclusion of a high-level training program on illicit financial flows (IFFs).
Strengthening Capabilities
The five-day training program was facilitated by Canadian law enforcement experts and aimed at strengthening the Seychelles National AML/CF Taskforce’s capabilities. The program brought together professionals from eight law enforcement agencies, focusing on intelligence-led investigations, financial analysis, and asset seizure.
Training Highlights
- Intelligence-led investigations: Participants learned how to use financial intelligence to structure investigations and scrutinize financial crimes.
- Financial analysis: Experts trained participants on how to analyze financial data to identify and track illicit funds.
- Asset seizure: The training covered the latest techniques for seizing and confiscating criminal assets.
Regional Challenges
According to UNODC’s Deputy Regional Representative for Eastern Africa, Maria Temesvari, “The low rate of confiscation of proceeds from crime is empowering criminals to continue exploiting their nefarious activities while innocent victims suffer. 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.”
Addressing Gaps
The training aimed to address the multifaceted challenge of thwarting the financing of terrorism and other forms of transnational organized crime in Eastern Africa. Participants emphasized the need for bolstering cross-border cooperation to ensure that criminal networks cannot exploit loopholes in different jurisdictions.
Collective Action Needed
Magdala Turpin, Liaison Officer for the Royal Canadian Mounted Police at the Canadian Embassy in Nairobi, Kenya, stressed the urgent need for collective and decisive action to combat terrorism and transnational crime in Eastern Africa. “Given the gravity of the threat posed by terrorism and transnational organized crime, it is incumbent upon all stakeholders to take decisive and concerted action to address this critical issue and safeguard the security and well-being of the people of Eastern Africa.”
UNODC’s Commitment
The United Nations Office on Drugs and Crime (UNODC) is at the forefront of global efforts to combat money laundering and terrorism financing, and deter illicit financial flows. The organization is committed to:
- Empowering financial intelligence units
- Improving cross-border cooperation between law enforcement agencies
- Strengthening the legal framework for prosecuting and confiscating the proceeds of crime