NEWS: FATF President – police have to seize stolen funds before criminals move them
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By Paul O’Donoghue, Senior Correspondent
International law enforcement must get faster at freezing stolen funds before criminals have a chance to move the money, the president of the Financial Action Task Force has said.
Elisa de Anda Madrazo said that acting fast enough to deter cybercriminals has become an increasing problem for law enforcement.
“Operational experts must quickly freeze and seize funds before they are dissipated,” she wrote in an article for Business & Industry.
Elisa de Anda Madrazo is also set to deliver the Opening Address at ‘International Anti-Financial Crime Summit 2024’ in London on October 9 next, and will be joined by other regulators, policymakers, industry leaders and law enforcement chiefs from around the world. Secure your place today.
The FATF president said that law enforcement in different jurisdictions must be more connected when working against financial crime to ensure a “faster and better-coordinated response”.
“Criminals use new technologies to carry out illegal activities and hide their ill-gotten gains,” she wrote.
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“Public authorities should also use new technologies to fight financial crime.”
The FATF president said combatting this is why the organization has recently agreed to new measures aimed at improving international asset recovery.
Last year the FATF announced that it had made asset recovery a key pillar of every country’s approach to tackling money laundering.
This means that countries will now be expected to introduce measures to improve asset recovery powers.
This will include the power to suspend transactions related to money laundering.
The FATF said at the time that the move would allow national authorities to secure criminal assets more swiftly, increasing the chances of successful confiscation and potential recovery for victims.
“The [FATF] will support countries to implement these reforms and will assess the effectiveness of measures put in place,” Elisa de Anda Madrazo wrote.
“These updates aim to make cross-border payments safer and more inclusive.”
CEO at HIREXEL | Business Consultant in the UAE| Expert in AML/KYC & Risk Management | Crypto Investigations
5 个月It’s a bold statement, but how do we make it practical? First, we need to start with educating law enforcement on the basics of crypto-related fraud. We should teach them to collaborate between the jurisdiction where the fraud occurred and the jurisdiction where the platform receiving the stolen funds is registered. The idea is good, but implementing it requires engaging many enthusiasts. Simply issuing regulations that are difficult to enforce won't be enough. But thanks for this first step
Civil Service Professional
5 个月when does "usurpation" become "human-smuggling" and in worst cases-scenarios---when do they become (attempted) homicide/murder (?)
Head of Cash Management Sales Bureau - Structured Transactions
5 个月Let's see how FATF is going to do that. If FATF has suddenly realized the truth which is already 10-5 years a reality, there are poor chances it will really make anything more than talking. Some institution counted that if, in UK the funds resulting from the fraudulent instant transfer are to be stopped, there are only 16 minutes to do it.
Certified Anti-Money Laundering Specialist (CAMS) | Aspiring AML Analyst/Officer |
5 个月Totally agree . FI's around the world should work in union .The confiscation, response time needs to improve to make transfer difficult.
Compliance Officer | CAMS | CRMS (UAE) – Targeted Financial Sanctions | AML/CFT Specialist (ICA/MOEC – DNFBPs) | Founder, Pugmark Wildlife Conservation & Rescue Force .
5 个月Elisa de Anda Madrazo ??????????