Money laundering is a billion-dollar business. Criminals used cryptocurrency alone to launder $8.6 billion in 2021. International agencies are accelerating efforts to fight this criminal activity.
\nThe Financial Action Task Force (FATF) is a global agency that monitors money laundering and terrorist financing around the world.
\nThe International Criminal Police Organisation, more commonly known as INTERPOL, is an international organisation that facilitates international police cooperation and crime control.
\nThese two organisations lead anti-money laundering and counter-terrorism financing (AML/CTF) efforts. They have recently increased cooperation to boost the recovery of illicit assets. Learn more about how they plan to improve efforts to fight financial crime.
\nFATF and INTERPOL Asset Recovery Cooperation
\nIn September 2022, FATF and INTERPOL hosted the inaugural Roundtable Engagement (FIRE). The meeting brought together international professionals from many stakeholder organisations, including:
\nThe event highlighted several critical needs. Priorities for combating financial crime and recovering stolen assets include:
\nFATF and INTERPOL hope to reinforce international law enforcement and judicial networks. They are developing new tools, such as the Anti-Money Laundering Rapid Response Protocol (ARRP).
\nINTERPOL launched its Financial Crime and Anti-Corruption Centre (IFCACC) earlier this year. The centre will improve coordinating global responses to transnational financial crime. IFCACC will be working closely with FATF and other partners.
\nAnti-Money Laundering Rapid Response Protocol
\nINTERPOL first used its new global stop-payment process in 2021. The operation targeted financial crime. The ARRP network streamlines police communication in international stop payment cases.
\nARRP helps member countries to handle requests about dirty money from illegal activity. Member countries can track, intercept, or provisionally freeze these assets more easily.
\nARRP recovered more than 94% of the money that had been taken from a South American textile company. The interception occurred much faster than what would have been possible otherwise. This saved the company from bankruptcy.
\nFinancial Crime and Anti-Corruption Centre
\nThe INTERPOL IFCACC provides investigative, operational, and analytical support for asset recovery. It supports organisations that need to bolster their capacities. IFCACC collaborates closely with partners including:
\nIFCACC centralises the international response to transnational financial crime and corruption. Its mission focuses on:
\nIFCACC will also combat money laundering using virtual assets like cryptocurrencies.
\nStrengthening FATF Standards for AML/CTF
\nThe FATF Standards coordinate the global response to organised crime, corruption, and terrorism. FATF reviews AML/CTF measures. It monitors countries’ progress in implementing the FATF Standards.
\nDelegates to the FIRE event agreed that strengthening the FATF Standards is essential. Bolstering the standards can help countries act more effectively to recover illicit assets. Strategic and operational changes are necessary to improve the confiscation of criminal assets.
\nBoosting Asset Recovery
\nFATF and INTERPOL are strengthening their collaboration to improve asset recovery. Combating dirty money lessens the impact of illegal economic activities and instead promotes the global financial system’s integrity and stability.
\nYour business is part of this process. Compliance with AML/CTF regulations supports efforts to keep financial markets secure. You are helping to combat money laundering and terrorism financing.
\nNameScan can help you follow AML/CTF regulations. Our Know Your Customer (KYC) and Know Your Business (KYB) screening services provide a multi-faceted solution. Register for a free trial today and see how we can help you identify and reduce risk.
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