A successful framework for combating financial crime and money laundering includes depriving criminals of the proceeds of their crimes. This is greatly assisted by the confiscation of proceeds recovered through criminal, civil or administrative processes, and the restitution of funds to the victims of fraudulent or corrupt activity.
As an organisation with members who are committed to combating financial crime, the Group of International Finance Centre proactively encourages effective regimes which facilitate systematic and timely asset recovery as a priority. On 16 December 2014 the GIFCS reaffirmed its approach by way of a public commitment set out in this Statement.
This Statement specifically endorsed measures among its members for the tracing of the proceeds of crime in the context of asset recovery and repatriation of assets, and promotes robust frameworks for obtaining and maintaining records of beneficial ownership of legal persons and legal arrangements and of high risk customers such as politically exposed persons are crucial.
GIFCS promotes initiatives by its membership on combating corruption as part of its commitment to asset recovery.