The ability of both law enforcement and judicial authorities to target the proceeds of crime, using modern effective national laws and multi-agency policy, is more essential now than ever before.

The level of effort governments must put into this challenge is considerable.  A vital part of the process is the ability to maintain the value of property seized from suspects throughout the timeframe of the judicial process. If this is not done successfully the efforts invested by law enforcement and prosecutors to search for the wealth gained by criminals and seize that wealth are diluted considerably. Maintaining the value of this property, the so-called ‘asset management process’ must be done effectively for the benefit of any victims, or for the State itself in victimless crimes, or indeed for property owners in cases where suspects are acquitted, and property is returned. It is vital that criminal property that is confiscated in favour of the State has held its value, as funds from the sale of this property can be used to support effective judicial systems and for the benefit of our communities. 

As practitioners in the asset recovery business, BAMIN is very much aware that governments have not, in the past, been particularly efficient at this part of the process. Many asset management offices lack electronic asset management registers, storage facilities are poor, laws lack the provisions needed to sell assets in the temporary phase and probably most important, our expert asset managers are not consulted before assets are seized or court orders are made placing assets under state management, often leaving asset management offices to manage assets that should, in hindsight, not have been seized in the first place. 

Implementing asset management strategies, laws and policies requires the effort of conscientious dedicated individuals who are specialists in their knowledge and able to operate with a flexible pragmatic approach. These individuals also need to be listened to, as experts in their asset management field, by their colleagues involved in other stages of the process and the courts. 

The creation of innovative expert networks is a way to maximise the benefits of international knowledge and operational practice. Since its inception in 2017, BAMIN has grown in success and reputation as a key asset management practitioners’ network, offering support to jurisdictions determined to remove the illicit wealth from their criminal communities. 

Ukraine has maintained active membership of BAMIN since 2018, as one of the 22 current members. BAMIN Members were delighted that the Ukraine Asset Recovery and Management Agency accepted the proposal to join the executive board of BAMIN in September 2023. Consequently, ARMA has been working with the BAMIN Steering Group for the last six months, exchanging good practice and discussing domestic and international operational asset management challenges. BAMIN is confident that this enhanced relationship between ARMA and other governments’ asset management offices will lead to more successful international collaboration. 

In particular in the current climate, the need for contemporary effective management mechanisms has taken on a new dimension. BAMIN, as an informal network, has risen to this challenge by ensuring that each year it remains at the forefront of asset management activity, continually highlighting best practice and pushing the boundaries of the possibilities to manage criminal profit.   

For example, the 2023 BAMIN Annual Meeting explored the challenges in achieving success in the cross-border management of criminal assets. At an intensive 3 day event in the Republic of Moldova, BAMIN practitioners engaged in case based discussions focused on achieving effective cross border management of complex real estate, companies and vehicles. 

As a representative of the BAMIN Secretariat, I look forward to a continuous strong working relationship with Ukraine and its ARMA, ensuring that criminally seized and confiscated property is managed in a way that maximises its value.  

Ms Jill Thomas, Asset Recovery Advisor, BAMIN Secretariat