The Primerio/FCC/IBA Conference on Anti-Corruption and Asset Recovery, held on 6 and 7 June 2024, focused on the evolving strategies in combating financial crimes. Emphasis is shifting from merely securing convictions to prioritizing asset recovery, tracking illicit money flows, and utilizing civil law mechanisms like deferred prosecution agreements. Public-private partnerships are crucial in this fight, with significant progress noted in incentivizing the private sector’s involvement. Key challenges include securing judicial participation, enhancing intelligence gathering, fostering international cooperation, and designing effective programs. Notable cases like 1MDB in Malaysia and Abacha in Nigeria underscore the need for more effective collaboration and asset recovery.
Panel Discussions
1. Legislative Developments Impacting Africa
Recent updates in Anti-Bribery and Corruption (ABC) legislation in various jurisdictions affect Africa through extraterritorial applications or policy adoption. Effective implementation and enforcement of ABC laws are critical, alongside robust digital and AI capabilities to combat fraud.
2. Corporate Investigations
Corporate investigations are essential for managing external and internal inquiries, uncovering bribery, corruption, and money laundering, and mitigating legal and reputational risks. Challenges include cross-border operations and advanced technologies used in crimes. Measures like Mauritius’ Witness Protection Scheme and Hong Kong’s international cooperation were highlighted.
3. Fireside Chat
Enforcement agency heads discussed the rapid movement of illegal proceeds facilitated by e-payment systems. Advanced asset recovery methods, like forensic data analysis and technology utilization, were emphasized. Determining beneficial ownership remains a significant challenge, requiring independent regulatory frameworks.
4. African Asset Recovery
The panel explored local and international asset recovery techniques, success stories, and the role of public-private partnerships. Challenges include rapid technological advancements and lengthy Mutual Legal Assistance (MLA) processes. Enhanced collaboration across African jurisdictions is crucial for effective asset recovery.
5. Compliance Risks in Africa
This session addressed practical challenges in ensuring ABC best practices, due diligence, and contracting. Strengthening regulatory independence from political influence and considering cultural intricacies in ABC legislation were highlighted. Effective enforcement of whistleblower protection laws was also discussed.
6. Money Laundering in Africa
The session examined key trends and enforcement efforts in combating money laundering. High-risk sectors include mining, hotel resorts, public infrastructure, and online gambling. Challenges include weak ABC legislations, inadequate resources, and the increasing use of cryptocurrency.
7. Tax Evasion, Money Laundering, and Corruption
The connection between tax evasion, money laundering, and corruption was explored. Effective investigation requires forensic skills, knowledgeable lawyers, and robust training. Innovations like voluntary information sharing protocols in Hong Kong and digital tracking in India were highlighted.
8. Non-Trial Resolutions/Deferred Prosecution Agreements
Non-Trial Resolutions (NTRs) and Deferred Prosecution Agreements (DPAs) are effective tools for addressing cross-border economic crimes. These agreements help companies continue operations while holding individuals accountable. The OECD’s 2021 Recommendation promotes the use of NTRs to address international bribery, emphasizing due process, transparency, and accountability.
The Primerio/FCC/IBA Conference showcased the evolving landscape of anti-corruption and asset recovery efforts. Enhanced collaboration, robust legislation, and advanced technological methods are essential for achieving meaningful progress in this critical field.