FATF Asks Countries to Toughen Asset Forfeiture Laws, Look for Smuggled Bearer Negotiable Instruments

By Colby Adams

Governments should bolster their asset forfeiture laws and look closely at the cross-border movement of bearer negotiable instruments, an intergovernmental group that advises on anti-money laundering efforts said last week. Member nations of the Paris-based Financial Action Task Force (FATF) should allow investigators to freeze assets of suspected criminals before the suspects face trial, the group said in an 11-page document published Friday. Countries could use the policy to capture criminal funds when a conviction can't be obtained, said FATF. "Non-compliant countries are typically overly-focused on the predicate crime that creates the money, like drug trafficking or fraud," according to...