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Asset recovery practices in combating money laundering: evidence from FATF mutual evaluation report of FATF member countries of Asia pacific region

Asset recovery practices in combating money laundering: evidence from FATF mutual evaluation... This study aims to understand the member countries’ current asset recovery mechanism based on two elements, namely, confiscation policy and asset recovery management framework.Design/methodology/approachContent analysis was performed on the Financial Action Task Force (FATF) Mutual Evaluation Report (MER) of eight countries.FindingsThe result showed that only a few countries established a centralised asset recovery centre or special task force to manage recovered assets.Research limitations/implicationsThis study is limited to information mentioned in the FATF MER.Practical implicationsThis study highlights the need to have a centralised asset recovery management centre as an initiative to improve the outcome of money laundering investigations. The study findings will benefit regulators to understand further the practical challenges of the asset recovery mechanism for future improvement.Originality/valueFATF recommends that each country establish a centralised asset recovery centre and work closely with the investigating officers and prosecutors in deciding on assets confiscation. However, the implementation is contingent on their local environment and resources at the member countries’ discretion. Therefore, this study aimed to understand the member countries’ current asset recovery mechanism based on two elements, namely confiscation policy and asset recovery management framework. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Money Laundering Control Emerald Publishing

Asset recovery practices in combating money laundering: evidence from FATF mutual evaluation report of FATF member countries of Asia pacific region

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Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
1368-5201
eISSN
1368-5201
DOI
10.1108/jmlc-11-2021-0127
Publisher site
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Abstract

This study aims to understand the member countries’ current asset recovery mechanism based on two elements, namely, confiscation policy and asset recovery management framework.Design/methodology/approachContent analysis was performed on the Financial Action Task Force (FATF) Mutual Evaluation Report (MER) of eight countries.FindingsThe result showed that only a few countries established a centralised asset recovery centre or special task force to manage recovered assets.Research limitations/implicationsThis study is limited to information mentioned in the FATF MER.Practical implicationsThis study highlights the need to have a centralised asset recovery management centre as an initiative to improve the outcome of money laundering investigations. The study findings will benefit regulators to understand further the practical challenges of the asset recovery mechanism for future improvement.Originality/valueFATF recommends that each country establish a centralised asset recovery centre and work closely with the investigating officers and prosecutors in deciding on assets confiscation. However, the implementation is contingent on their local environment and resources at the member countries’ discretion. Therefore, this study aimed to understand the member countries’ current asset recovery mechanism based on two elements, namely confiscation policy and asset recovery management framework.

Journal

Journal of Money Laundering Control – Emerald Publishing

Published: Jan 2, 2023

Keywords: Asset recovery mechanism; Money laundering investigation; Asset recovery management centre; Confiscation policy; FATF Mutual Evaluation Report

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