Caribbean Financial Action Task Force launches asset recovery article series, first paper focuses on early identification of criminal assets

The Caribbean Financial Action Task Force Secretariat has launched a new article series on the stages of asset recovery, with the first installment focused on identification of assets and case initiation. The paper explains that early identification of criminal assets, supported by proactive financial investigations, is the starting point for effective asset recovery and is central to applying the relevant Financial Action Task Force standards. The article sets out the main channels through which authorities can identify criminal property and property of corresponding value. It highlights domestic investigative work, parallel financial investigations, Financial Intelligence Unit disseminations and other financial intelligence, as well as regulatory information, beneficial ownership data, open-source material and information from private-sector or public sources. On the international side, it points to cross-border currency disclosure systems, incoming mutual legal assistance and informal foreign requests, and other cross-border information sharing as key leads for freezing, seizing or confiscating assets. A consistent theme is that competent authorities need timely, lawful and searchable access to financial, ownership, tax, customs and asset information, backed by strong inter-agency and cross-border coordination, to prevent assets from being moved, concealed or dissipated. The next article in the series will examine the asset tracing stage and the tools and techniques used to follow the trail of criminal assets.