Financial Crime World

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Slovenian Firms Urged to Strengthen Financial Crime Risk Management Frameworks Amid Global Concerns

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Ljubljana, Slovenia - The International Institute of Finance (IIF) and Deloitte have called on Slovenian financial institutions to prioritize the enhancement of their anti-money laundering (AML) and counter-terrorism financing (CFT) efforts in light of a global economic crime crisis that is estimated to cost between 715 billion and 1.87 trillion Euros annually.

The Global Economic Crime Crisis

According to experts, the sheer scale of money laundered worldwide each year - equivalent to 2% to 5% of global GDP - underscores the need for more effective legal, regulatory, and risk management frameworks to combat financial crime.

Key Statistics:

  • Estimated annual cost of economic crime: 715 billion to 1.87 trillion Euros
  • Equivalent to 2-5% of global GDP

Recommendations for Slovenian Firms

The IIF and Deloitte recommend several key steps for Slovenian firms, including:

Improving Financial Crime Risk Management Frameworks

  • Systemic architectural improvements for financial crime risk management
  • Advancing cooperation between the private sector and public authorities
  • Improving domestic and cross-border information sharing

Reforming Suspicious Activity Reporting Regimes

  • Mitigating inconsistencies in financial crime compliance standards
  • Leveraging technology to combat illicit finance

The Importance of Public-Private Partnerships

The authors emphasize that public-private partnerships and improved cross-border data exchange are essential in tackling this issue.

Recommendations for Stakeholders:

  • Achieve greater regulatory clarity
  • Establish consistent standards
  • Pool resources
  • Share information