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Asset recovery practices in combating money laundering: evidence from FATF mutual evaluation report of FATF member countries of Asia pacific region

Salwa Zolkaflil (Accounting Research Institute, Universiti Teknologi Mara, Melaka, Malaysia)
Sharifah Nazatul Faiza Syed Mustapha Nazri (Faculty of Accountancy, Universiti Teknologi MARA, Melaka, Malaysia)
Normah Omar (Accounting Research Institute, Universiti Teknologi MARA, Melaka, Malaysia)

Journal of Money Laundering Control

ISSN: 1368-5201

Article publication date: 5 January 2022

Issue publication date: 2 January 2023

152

Abstract

Purpose

This study aims to understand the member countries’ current asset recovery mechanism based on two elements, namely, confiscation policy and asset recovery management framework.

Design/methodology/approach

Content analysis was performed on the Financial Action Task Force (FATF) Mutual Evaluation Report (MER) of eight countries.

Findings

The result showed that only a few countries established a centralised asset recovery centre or special task force to manage recovered assets.

Research limitations/implications

This study is limited to information mentioned in the FATF MER.

Practical implications

This study highlights the need to have a centralised asset recovery management centre as an initiative to improve the outcome of money laundering investigations. The study findings will benefit regulators to understand further the practical challenges of the asset recovery mechanism for future improvement.

Originality/value

FATF recommends that each country establish a centralised asset recovery centre and work closely with the investigating officers and prosecutors in deciding on assets confiscation. However, the implementation is contingent on their local environment and resources at the member countries’ discretion. Therefore, this study aimed to understand the member countries’ current asset recovery mechanism based on two elements, namely confiscation policy and asset recovery management framework.

Keywords

Acknowledgements

Ethical approval: This article does not contain any studies with human participants or animals performed by any of the authors. The study conducted content analysis on the FATF Mutual Evaluation Report (FATF MER) of eight countries.

Citation

Zolkaflil, S., Syed Mustapha Nazri, S.N.F. and Omar, N. (2023), "Asset recovery practices in combating money laundering: evidence from FATF mutual evaluation report of FATF member countries of Asia pacific region", Journal of Money Laundering Control, Vol. 26 No. 1, pp. 24-34. https://doi.org/10.1108/JMLC-11-2021-0127

Publisher

:

Emerald Publishing Limited

Copyright © 2021, Emerald Publishing Limited

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