ICAR joins GAFILAT’s Asset Recovery Network as observer member

The Financial Action Task Force (FATF)’s regional body in Latin America, GAFILAT, has welcomed our International Centre for Asset Recovery (ICAR) to join its Asset Recovery Network (Red de Recuperación de Activos del GAFILAT, or RRAG) as an observer member. We are honoured to contribute our experience to the Network’s growing efforts and achievements in building the capacity of members to identify, investigate and recover the proceeds of crime. We will be joining representatives from the 17 GAFILAT member countries, in addition to Andorra, Spain, Italy, El Salvador, France and Europol. Founded in 2006, ICAR has been active in Latin America since 2014. We hold numerous inter-institutional cooperation agreements with key counterparts in our partner countries in the region. These include prosecutorial and judicial authorities, financial intelligence units, comptroller generals, and others. Working closely with these partners, we have assisted in the recovery of tens of millions of dollars deposited decades ago in Switzerland and Luxembourg. Among some of the most prominent corruption cases are those concerning the regime of former President Alberto Fujimori in Peru, as well as the infamous Odebrecht corruption scheme. Based at our Lima office or embedded in partner institutions, our Latin America-based team currently has a large portfolio of asset recovery cases, particularly in Peru and Ecuador. Some of these cases are creating important legal precedents and opening up channels for international cooperation, such as a recent application of Peru’s non-conviction based confiscation law in an historical terrorist financing case or the recovery of assets from the son of a deceased Navy General who had corruptly acquired them during his time in office. We hope the lessons we have learned over the years – and the ideas our collaborations have triggered – will be of value to RRAG and its membership as we work jointly to expand the capacity of Latin American countries to recover funds stolen from the public purse and stashed abroad.

Learn more

• Learn more about the Asset Recovery Network of the Financial Action Task Force of Latin America (RRAG) in this three-page brochure (in Spanish) and in the Network's 10th Anniversary summary document in English and Spanish
• View GAFILAT’s introductory video on RRAG in Spanish
• As a separate initiative, ICAR has also established a Knowledge Community in Latin America to promote the adoption and application of non-conviction based forfeiture (NCBF) mechanisms to recover stolen assets. The Knowledge Community brings together 53 leading asset recovery practitioners from the region and had its first knowledge dissemination session in July. Activities of the Knowledge Community are funded by the US Department of State Bureau of International Narcotics and Law Enforcement Affairs.
• The Basel AML Index, which assesses money laundering risks around the world, is developed and maintained by ICAR. Published on 13 September, the 10th annual edition analyses FATF data to reveal interesting trends in money laundering and terrorist financing, including issues around beneficial ownership and virtual assets. See the press release, our new Basel AML Index web platform and an infographic on money laundering risks in Latin America.