Transnational financial crime has surged in recent years, with increasingly sophisticated cyber actors taking advantage of the world becoming more globalised and connected. Corruption exacerbates the problems and creates an environment in which organised crime can thrive.
INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC) was established to foster a coordinated international response to the threat. This article explores the key considerations as outlined by INTERPOL.
A multi-agency approach
IFCACC works closely with key stakeholders to strengthen collective efforts against financial crime and corruption. These stakeholders include:
- The Financial Action Task Force (FATF).
- FATF-Style Regional Bodies.
- The Egmont Group of Financial Intelligence Units.
- Law enforcement agencies.
- Police organisations.
- The financial sector.
Areas of action
Areas of action for IFCACC include fraud and payment crime, anti-money laundering and asset recovery, and anti-corruption.
Fraud and payment crime
IFCACC assists member countries in their cross-border investigations and actively collaborates with stakeholders by sharing crucial operational techniques.
Anti-money laundering and asset recovery
IFCACC adopts a comprehensive approach to combat global illicit financial flows, incorporating various disciplines. The Centre targets diverse money laundering schemes including where virtual assets are used, as well as the identification of criminal proceeds and their subsequent confiscation.
Anti-corruption
IFCACC targets corruption across a range of criminal activities including doping in sport, the corruption of public officials, and grand corruption (involving high level public officials). IFCACC aims to enhance the capacity of member countries to effectively combat grand corruption on both national and international fronts.
Capabilities of the IFCACC
The IFCACC’s capabilities include investigative support, operational support, analytical support, capacity building, information and alerts, and thematic projects.
Investigative support
IFCACC cross-checks data against INTERPOL’s databases and supports member countries by providing case mentoring, global outreach and coordination support. The Centre also coordinates multi-jurisdictional investigations via its National Central Bureaus established in all 195 member countries.
Operational support
IFCACC coordinates regional and global operations and action days against transnational financial crimes threats. The Centre also maintains operational support teams that can be promptly dispatched to member countries to support investigations.
Analytical support
IFCACC focusses on emerging criminal threats and transnational organised crime groups through its dedicated Financial Crime Analysis File (FinCAF). It also collaborates with member countries to bolster the collective tactical response to combat international organised crime.
Capacity building
The Centre organises tailored training sessions designed to equip law enforcement officers and Financial Intelligence Units (FIUs) with the necessary knowledge, skills, and best practices to effectively address the current landscape of financial crime threats.
Information and alerts
INTERPOL disseminates reports and guidelines to highlight the most recent trends in criminal activities and the prevailing best practices in investigations. Additionally, through its colour-coded Notices such as Red Notices, INTERPOL shares information regarding new and existing criminal trends associated with financial crime, money laundering, and grand corruption.
Thematic projects
IFCACC leads regional and global initiatives to focus on illicit financial flows linked to a variety of predicate crimes such as fraud, drug trafficking, environmental crime, and human trafficking.
Key takeaways
INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC) takes a multi-agency approach to combatting transnational financial crime and corruption. Key areas of action include fraud and payment crime, anti-money laundering and asset recovery, and anti-corruption. The IFCACC leverages capabilities such as providing investigative, operational and analytical support to member countries, to help achieve the collective aims of all stakeholders.
