Rome, 28 February 2023 – The inaugural Learning and Development Forum, concluded today.
Under the Singapore Presidency, the FATF has made it a priority to improve global asset recovery. Financial crime has increased significantly in recent years, criminals are making hundreds of billions from their criminal activities, but authorities are confiscating less than 1 % globally.
Recovering criminal assets is a key component to any country’s approach to combating money laundering and terrorist financing. By successfully confiscating criminal assets, authorities remove the driver for the crime and the funding for future criminal activity.
Over 300 judicial, law enforcement, FIU, tax and other operational experts, as well as policy makers from around the globe participated in this first Learning and Development Forum, hosted by Guardia di Finanza of Italy, to learn and share experiences to improve and make a difference in the fight against financial crime.
Through a series of interactive sessions, participants discussed examples of successful frameworks and operational mechanisms to prevent and detect financial crime. They also explored tools for identifying and investigating criminal proceeds and the relationship between tax evasion and asset recovery. International cooperation is essential, particularly in the context of cyber-enabled fraud. Participants discussed channels for stronger and faster cooperation with foreign counterparts in asset recovery.
Countries need to make asset recovery a priority and ensure that the right policies and regulations are in place. FATF assessments show that this is not the case in the majority of countries. FATF President T. Raja Kumar noted in his opening remarks “We can only derive high benefit from enhanced or new asset recovery legislation and measures if the right structures and systems are put in place that will facilitate its effective use. This includes the need to have timely access to funds flow information and the ability to rapidly exchange information across borders.”
This inaugural event provided a unique opportunity for experts to build connections with international counterparts and so that collectively we can make a real difference in recovering criminal assets.
The Learning and Development Forums aim to provide an opportunity for experts from across the FATF’s Global Network to share experiences and best practices in tackling the financial flows that fuel crime and terrorism.