Anti-Money Laundering Regimes and Asset Recovery Measures against Transnational Organized Crime in the BRICS-ASEAN Context

Abstract

The author assesses the degree of efficacy of Anti-Money Laundering (AML) regimes and Asset Recovery (AR) measures within BRICS and ASEAN member states, primarily in their capacity to address illicit financial flows and transnational organized crime. The study employs a comparative cross-regional methodology involving legislative review, Financial Action Task Force (FATF) mutual evaluation reports, and case studies as a primary basis for the exploration. The author examines preventive mechanisms in AML and also reactive components in Asset Recovery practice and law; he also investigates emerging risks stemming from the increased use of cryptocurrencies as well as informal value transfer systems. The research illustrates a persistent compliance–effectiveness gap; while laws and regulations generally reflect international legal obligations, the enforcement capacity is relatively weak due to fragmented regulations, lack of cross-border cooperation, corruption, and lack of resources. The author studies involving Brazil’s Operation Car Wash and Singapore’s cryptocurrency seizures signal some potential for success; however, systemic limitations remain extensive. ASSET RECOVERY rates remain globally and regionally close to one percent of illicit proceeds. The assessment concludes that BRICS and ASEAN states must go beyond compliance if there is to be an improvement in enforcement. Entailing measures such as harmonized regulation of virtual assets and improved judicial and law enforcement capacity and more extensive agreement on cross-border cooperation will be crucial to close the enforcement gaps and address permanent increasingly sophisticated criminal networks.