Events

Asset recovery best practises in The Caribbean

Author
Lo Furneaux
Digital Content & Operations Coordinator

Last week, the Asset Reality team was invited back to the Cayman Islands by the Asset Recovery Inter-Agency Network for the Caribbean (ARIN-CARIB) for their annual general meeting.

The Asset Recovery Inter-Agency Network for the Caribbean (ARIN-CARIB) is a vital network of law enforcement and judicial practitioners working together to combat money laundering and fraud by implementing and improving robust asset tracing, seizing, and confiscation procedures.

They aim to aid law enforcement officers, prosecutors, magistrates, judges, and other asset recovery professionals in the Caribbean to recover the proceeds of crime more efficiently and improve the amount of compensation going back to the victims.

Each year, representatives from the network’s member states gather together to discuss their most recent efforts towards this goal.

Pictured: The Asset Reality Team at the ARIN-CARIB AGM

During this year’s conference, our Senior Vice President Joanna Summers delivered an engaging presentation to attendees about the best practices for managing the seizure and sale of digital assets like cryptocurrency or non-fungible tokens (NFTs).

After explaining the basics of cryptocurrency, non-fungible tokens (NFTs) and other digital assets, Joanna went on to highlight how the increasing prevalence of cryptocurrency fraud has led to an unnecessary overcomplication of the digital asset recovery process. She stressed the importance of having the right infrastructure in place for effective asset recovery, especially in light of the Financial Action Task Force (FATF)'s renewed focus and scrutiny on this area.

When asked, Joanna was incredibly grateful for the invitation to share her experiences: ‍

“I was honored to speak at the annual conference in the Cayman Islands last week on the best practices in cryptocurrency asset management. I enjoyed sharing crypto success stories, especially the ones that showed how international and cross-border cooperation can lead to the recovery of stolen assets and make victims whole.”
“The ARIN-CARIB members are focused on increasing their effectiveness in recovering the proceeds of crime in the Caribbean and are always looking to improve their asset recovery program. The questions asked at the end of my presentation highlighted their genuine commitment and dedication to the cause, and I really enjoyed discussing asset recovery with all the attendees.”
“I also enjoyed learning from the other speakers as they discussed their recent cases and the efforts being made across the Caribbean to stop money laundering and help victims. It was a memorable week in a beautiful location and I'm grateful for the experience.”
Pictured: SVP Joanna Summers presenting on-stage

The following day, our co-founder & CEO Aidan Larkin moderated a panel discussion between our senior vice presidents Thomas J. Abernathy and Marcella van Berkel, and several representatives from CARICOM member states such as the British Virgin Islands, Barbados and St Kitts & Grenadines.

During the discussion, the panellists expressed their unique perspectives on the challenging nature of asset recovery procedures. They shared many of the difficulties that are regularly encountered by asset recovery professionals attempting to confiscate and dispose of tangible physical assets.

TJ and Marcella provided recent instances of seizures involving luxury items such as yachts and premium watches as a means of illustrating the effectiveness of comprehensive planning measures and strategic implementation when it comes to asset recovery.

Their insights shed light on the intricate and often complex processes involved in the confiscation and sale of physical assets and served as a valuable resource for those in attendance seeking to navigate this field with confidence and success.

Pictured: Aidan Larkin, Marcella van Berkel and Thomas J. Abernathy during an on-stage panel discussion

Marcella was thankful for the opportunity to speak about the importance of asset recovery with both old friends and new colleagues:‍

“We met old friends and new colleagues at the ARIN-CARIB conference last week. In our panel session with four ARIN-CARIB representatives, TJ, Aidan and I discussed the challenges that we all face when seizing and realising physical assets. We also discussed success stories of realising boats and high-end watches to show that it can be accomplished through teamwork and proper pre-seizure planning.”
“We enjoyed hearing first-hand from our panel members as they discussed recent trends in financial crime, the actions they are taking to investigate and prosecute these crimes, and the importance of a strong asset recovery program. The Caribbean is not alone in the challenges they face combating crimes like fraud and money laundering. ARIN-CARIB provides a valuable platform for members to work through these issues with public-private support.”‍

TJ was quick to echo this sentiment while praising the event’s organisers:‍

“It was an absolute pleasure to be back with old and new colleagues from ARIN CARIB. The group is near and dear to me since its inception. I could not ask for a better group of practitioners to get together to tackle asset recovery, a truly outstanding group of speakers. Hats off to the Cayman Presidency and the Secretariat for producing such an informative conference.”‍
The Asset Reality Team Pictured L- R: TJ Abernathy, Connor Filley, Joanna Summers, Marcella van Berkel and Aidan Larkin

If you want to know more about our solution to streamline seized asset recovery & management, please contact press@assetreality.com or visit the Asset Reality website.

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