220 Views The Criminal Assets Recovery Agency (CARA) under the NAC and the Office for Prevention and Fight Against Money Laundering took part at the First International Forum on Asset Targeting and Recovery with the participation of the OCDE International School and Guardia di Finanza of Italy. The main objective of the reunion: improving the criminal assets recovery process, due to the fact that 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.
Over 300 judicial, law enforcement, FIU, tax and other operational experts, as well as policy makers from around the globe participated in the Forum to share experiences in the field of criminal assets recovery.
According to the speakers, by successfully confiscating criminal assets, authorities remove the driver for the crime and the funding for future criminal activity.
FATF President T. Raja Kumar declared that that for too long national authorities and law enforcement agencies have not prioritized the area of criminal asset recovery and have not allocated sufficient resources to achieve success in this area.
It should be noted that in 2022 the members of the Financial Action Task Force (FATF) declared the criminal assets recovery to be its the strategic priority.