daniel chigunwe
Crime Reporter
Interpol and the Financial Action Task Force (FATF) met last week in France with a view to help police organisations around the world, including Zimbabwe, to make better use of Interpol’s operational tools to track, freeze and seize illegal proceeds of crime.
According to Interpol, with global organised crime thought to generate trillions of United States dollars in illegal wealth every year, and as criminals get increasingly innovative in how they hide their illicit profits, police need sophisticated tools to detect and prevent criminals’ attempts at investment.
Since the launch in last year of Interpol’s global rapid intervention of payments stop-payment mechanism, countries have intercepted more than US$200 million, stemming largely from cyber-enabled fraud.
Zimbabwe has been a member of Interpol since November 13, 1980.
Last week, around 200 experts at the interactive conference in Lyon, France showcased operational successes, discussed their challenges and how Interpol’s policing tools had helped them identify and track criminal assets globally. These assets range from luxury yachts, cars and racehorses to cryptocurrency investments and real estate.
One investigation that was showcased revealed how an organised crime syndicate in Asia responsible for Interpol impersonation scams across Europe had been identified, its illicit money followed, and the organisation disrupted.
In another major success, a drug trafficking ring was taken down when police identified and traced its money laundering operations across Europe.
Experts at the two-day meeting learned how the new rapid intervention system helps police submit and handle time-critical requests to trace, intercept or freeze illegal proceeds of crime across borders.
Addressing the meeting, Interpol Secretary-General Dr Jürgen Stock said criminal groups are making billions of US dollars in illicit profits every year, and their activities should be considered a national security threat.
“Criminal groups are making billions in illicit profits every year, and their activities should be considered a national security threat.
“It is only through increased cooperation and aligning of efforts, such as this event, that we can map a way forward in closing the gaps which criminals exploit every day,” he said.
Financial Action Task Force (FATF) president Mr T. Raja Kumar said that there was a need for a major mindset and culture shift to focus on asset recovery as a national law enforcement priority.
“There needs to be a major mindset and culture shift to focus on asset recovery as a national law enforcement priority. This takes time, but it is essential for countries to start now. Asset recovery is not a secondary or ancillary aspect of investigations and prosecution.
“It should be a key crime prevention strategy to remove the primary incentive for financial crime – money. If done well, it will prevent and reduce further crime,” he said.
Through thematic panel discussions and real-life case studies, specialists with a diverse range of expertise, approaches and experience devised and examined effective ways to address contemporary financial crime threats and support law enforcement in detecting and disrupting criminal asset flows.
The FATF sets international standards to ensure national authorities can go after illicit funds linked to drug trafficking, human trafficking, cyber-enabled fraud, illicit arms trade, illegal wildlife trafficking, environmental crime and other serious crimes.
In partnership with Interpol, FATF works with national authorities to ensure that asset recovery is a key pillar of countries’ approach to tackling money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction.
Interpol’s asset recovery methods and tools allow officers in 195 countries to share information helping them to trace illegally obtained assets worldwide.
The first FATF-INTERPOL Roundtable Engagement was held in Singapore in September 2022.
Online Reporter