ICA inCONVERSATION
Welcome to ICA inCONVERSATION where each fortnight ICA Vice President, Tim Tyler, explores the latest trends and developments in the regulatory compliance and financial crime prevention space with a special guest from across the world. From the evolution of regulations to cryptocurrency, to the evolving role of compliance to fraud, each episode offers a valuable perspective into the future of compliance and what it means for practitioners globally.
ICA inCONVERSATION
Criminal Asset Recovery - Why So Small?
The recovery of the proceeds of crime has been a key commitment from many governments worldwide. There are many compelling reasons to trace criminal assets, recover them and invest the proceeds in communities affected by the original crime or other worthy schemes. This removes the incentive to commit crime, disrupts the criminal business cycle and removes negative role models from our communities. The level of assets being recovered are, however, tiny, estimated by the UN at less that 1% and some calculations place this at less than 0.2%.
In this discussion, Tim Tyler FICA, Vice President at ICA, and James Rickett FICA, Course Director, Global Lead - Anti Money Laundering & Sanctions Compliance at ICA, consider why global efforts to recover criminal proceeds have been so unsuccessful and what this may mean for the future of AML.