The Caribbean Financial Action Task Force has published the third article in its asset recovery series, explaining how jurisdictions should evaluate property before seizure and use interim measures to prevent criminal assets from being transferred or dissipated. Building on earlier articles covering asset identification and tracing, it outlines the application of Financial Action Task Force standards to asset valuation, transaction suspension, freezing and seizure. Pre-seizure evaluation should consider value, liens, management costs, recovery prospects and the suitability of an asset for seizure, with specialist expertise used for complex or unique property. Financial intelligence units or other competent authorities should be able to suspend suspicious transactions immediately, including transactions involving designated nonfinancial businesses and professions and virtual asset service providers. Freezing and seizure powers should operate quickly and proportionately, permit judicial review and protect due process and legitimate third-party interests. Jurisdictions should also be able to prevent or reverse transactions that frustrate recovery, or penalize dealings with restrained property. The next article in the series will examine confiscation measures.
Caribbean Financial Action Task Force publishes third asset recovery article on pre-seizure evaluation and provisional measures
The Caribbean Financial Action Task Force has published the third article in its asset recovery series, covering pre-seizure evaluation and measures to prevent criminal assets from being dissipated. It explains expectations for valuation, transaction suspension, freezing and seizure, including rapid action, judicial safeguards and protection of legitimate third parties. The next article will address confiscation measures.