Financial Crime World

Fighting Financial Crimes: UNODC Empowers Timor-Leste’s Anti-Corruption Commission

The Challenge of Corruption in Timor-Leste

  • Young and impoverished Asian nation with oil reserves
  • About 41% of the population living below the poverty line
  • Vulnerable to money-laundering schemes and losing public funds
  • Annual corruption losses: 1.5%-2% of GDP or approximately $60 million

International Community’s Support to CAC

  • United Nations Office on Drugs and Crimes (UNODC) leading the way
  • Strengthening investigative capacities of CAC and related entities

Advanced Criminal and Financial Investigations Training

  • Three-day training in November 2018
  • Attendees: investigators, prosecutors from CAC, Scientific Police, Prosecutor General Office, and Financial Intelligence Unit
  • Skills and tools to investigate complex corruption cases involving financial transactions
  • Investigative planning and management matrix
  • Discussions on international principles, financial documents, identifying suspicious transactions, and linking to money laundering

Crucial Timing with Oil Investment Opportunities

  • Government’s consideration of new oil field investments
  • Previous embezzlement allegations in the natural resource sector
  • UNODC’s assistance crucial for safeguarding resources and preventing financial crimes
  • Facilitating draft Anti-Corruption Law development
  • National roundtable in November 2018
  • Soon to be debated in Parliament
  • Assisting in formulating national anti-corruption strategy alongside the CAC
  • Presenting recommendations and raising awareness about effective legal framework protection for reporting persons in 2023

By providing the necessary skills, tools, and framework for investigation and prevention, the UNODC’s commitment to assisting the Anti-Corruption Commission in Timor-Leste ensures that this young nation can effectively combat corruption and protect its resources.