INTERPOL Launches Silver Notices to Track Internationally Laundered Assets

INTERPOL has issued its first-ever ‘Silver Notice,’ a groundbreaking step aimed at tracing assets laundered across international borders. The inaugural notice, requested by Italy, seeks information regarding the assets of a senior mafia member, marking a significant development in global efforts to combat organized crime.

Silver Notices represent the newest addition to INTERPOL’s colour-coded alert system, which facilitates global information sharing and requests among member countries. As part of a pilot initiative, 52 nations are participating in the program, which is scheduled to run until at least November 2025.

Designed to trace and recover laundered assets, Silver Notices and Diffusions allow member states to make public requests for details about properties, vehicles, financial accounts, businesses, and other assets linked to criminal activities. These notices aim to locate and identify illicitly obtained assets, enabling authorities to pursue asset seizure or recovery in line with national laws.

The initiative comes shortly after Elisa de Anda Madrazo, President of the Financial Action Task Force (FATF), raised concerns about the inefficiency of international asset recovery efforts. Speaking candidly, she revealed that 80% of countries globally struggle to confiscate criminal assets effectively. “Less than 2% of the global proceeds of crime are seized,” she noted, underscoring the urgent need for improved mechanisms.

INTERPOL Secretary General Valdecy Urquiza emphasized the importance of targeting the financial foundations of organized crime. “Stripping criminals of their illegal profits is one of the most powerful ways to fight organized crime,” he stated. Urquiza further explained how the Silver Notice initiative could bolster asset recovery efforts: “By targeting their financial gains, we disrupt networks and reduce their harm to communities.”

Raffaele Grassi, Deputy Director General of Public Security in Italy, echoed this sentiment, highlighting the critical role of financial investigations. “This initiative, led by investigators in Palermo, underscores the importance of following the money to tackle organized crime. We believe Silver Notices will boost global asset recovery efforts,” Grassi remarked.

The concept of Silver Notices was approved during INTERPOL’s 91st General Assembly in 2023. As part of the pilot phase, the General Secretariat will carefully review each notice to ensure compliance with INTERPOL’s regulations, particularly the prohibition on political misuse. Member countries involved in the pilot can collectively issue up to 500 Silver Notices during this period.

This innovative measure represents a concerted effort by INTERPOL and its member countries to address the challenges of transnational crime by focusing on the financial underpinnings of illegal activities. With its potential to enhance global cooperation and improve asset recovery rates, the Silver Notice initiative could prove to be a significant tool in the fight against organized crime.

By fLEXI tEAM