The Use of Financial Information in Cooperation of States for Crime Identification and Prevention Purposes

The use of financial information in investigations plays the key role in crime combating. Efficient application of data on financial transactions facilitates identification and prevention of activities of transnational and organized criminal networks. However, limited opportunities of law enforcement authorities and the absence of access to centralized bank account registers can hinder such investigations. Enhancement of international cooperation and information exchange between law enforcement authorities and financial intelligence units (FIUs) can substantially increase the efficiency of investigations. Such cooperation includes training and professional development of employees (it is critically important to teach them contemporary financial data analysis methods and how to use cutting-edge technologies), development of new technologies. Innovative instruments of analysis of financial information are required for timely and accurate identification of criminal acts. Creation of flexible mechanisms of access to information requires development of international data exchange systems, which will enable law enforcement authorities to receive information on bank accounts without delay.