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Illicit asset recovery is set to play a more significant role in global efforts to deprive criminals of their ill-gotten gains with the announcement of a joint initiative launched by the Financial Action Task Force (FATF) and INTERPOL to recover criminal assets.

The initiative announced after the first ever FATF-INTERPOL Roundtable Engagement (FIRE) event is designed to mark a turning point in global efforts to recover illicit assets according to a statement issued by the two organisations.

Poor recovery rate

While asset recovery should be a key pillar of a country’s approach to combating money laundering and terrorist financing, countries intercept and recover less than one per cent of global illicit financial flows, according to estimates by the United Nations Office on Drugs and Crime.

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