One of the core aims of the FATF is to deprive criminals of their illicit assets. In partnership with INTERPOL, the FATF is working with national authorities to ensure that asset recovery is a key pillar of a countries’ approach to tackling money laundering and terrorist financing. It is vital for national authorities to develop effective systems to trace, seize and confiscate stolen funds and assets, and to return them to the country of origin.

At the moment, countries intercept and recover less than one per cent of global illicit financial flows, according to estimates by the United Nations Office on Drugs and Crime. Facilitating the secure exchange of sensitive information between different anti-corruption and asset recovery agencies is an important step towards improving the situation. Successful asset recovery also depends on thorough and credible investigations, and a willingness to share evidence, through both formal and informal channels, especially concerning cross-border cases.

The FATF is working to promote national policies and actions that achieve these aims by highlighting the importance of enhancing operational cooperation at all levels and improving information sharing between the public and private sectors.

In October 2023, the FATF Plenary agreed on amendments to the FATF Recommendations that will provide law enforcement, financial intelligence units, prosecutors other asset recovery practitioners and competent authorities with a more robust toolkit to target and confiscate criminal asset.