The idea of an INTERPOL Silver Notice was first proposed at the 84th INTERPOL General Assembly in Kigali in 2015. This notice was intended to allow INTERPOL to facilitate the tracing and recovery of criminal assets. This article explores the key considerations.
The need for a Silver Notice
One of the most effective means of combatting crime, including terrorism, cybercrime, corruption and organised crime, is the tracing, restraint, seizure, recovery and confiscation of proceeds of crime in order to deprive criminals of their illicitly acquired gains.
In 2015, only around 3 to 5 percent of global illicit financial flows were reported to have been seized and confiscated, thus increasing the need for improved international cooperation mechanisms on asset tracing and recovery, notably through better information sharing and the creation of new legal and operational tools.
Through its international system of notices, diffusions and messages, INTERPOL was deemed to be in a position to make a vital and essential contribution by facilitating the timely exchange of information in international and multijurisdictional asset recovery investigations.
What has happened since the proposal in 2015?
The General Secretariat was asked to create the template of the new notice, to draft general specifications, and to produce in 2016 a precise cost estimate for the development and implementation of the new tool.
It was also asked to present a progress report to the General Assembly at its next session concerning the feasibility of the pilot phase with a concrete timeline and cost estimate and, if appropriate budget was available, to develop the new notice and implement and test it for an initial period of two years with member countries and international entities authorised to request its publication in order to determine its usefulness, whether the provisions governing it are adequate and whether any adjustments are required.
However, the idea was not implemented at the time and has remained dormant until now.
In late 2022, INTERPOL decided to establish an Expert Working Group to assess various proposals devoted to the exchange of financial information and to the tracing and recovery of criminal assets. This group considered various proposals including reviving the concept of a Silver Notice devoted to the tracing and recovery of criminal assets.
On 29 July 2024 in Abuja, Nigeria, INTERPOL Vice President for Africa, Garba Baba Umar, signalled that INTERPOL was on the cusp of launching Silver Notices, declaring open a four-day Training Workshop for Nigerian law enforcement agencies at the EFCC Academy, Abuja.
“Evidence has shown that every hour, hundreds of thousands of dollars are flowing out of Nigeria to the region and across the world, laundered before it reaches the pockets of criminals to enjoy the profits of their crimes, while the hardworking and honest Nigerians pay the price of crime”, said Umar.
He stressed that hard times awaited money launderers as the Silver Notices would make illicit funds more difficult to launder in any part of the world.
Key takeaways
The potential launch of the Silver Notice represents a critical opportunity for INTERPOL to strengthen global efforts in tracing and recovering criminal assets, ultimately contributing to the global fight against organised crime, terrorism, and corruption.
