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

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. [ABSTRACT FROM AUTHOR]