Financial Crime World

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Continued Systemic Reform in the Fight Against Financial Crime

The fight against financial crime requires continued systemic reform to effectively combat money laundering, terrorism financing, and other illicit activities. The current global financial crime framework is not fully delivering required outcomes, driving the need for continued resolution to change.

Key Issues and Recommendations

Global Financial Crime Framework

  • The global financial crime framework is still not fully delivering required outcomes.
  • There is a need for continued resolution to change.

Whole System Approach

  • A “whole system” approach needs to be implemented across jurisdictions.
  • Criminals do not operate in silos, and neither can the anti-financial crime architecture.

Standards for Information Sharing

  • Facilitating increased sharing of information and effectively using financial activity, threat, and risk data linked to crime and terrorism is a fundamental enabler of a more effective financial crime risk management system.
  • This includes sharing information across institutions, sectors, and borders.

Data Privacy Considerations

  • Effective cross-institution, cross-sector, and cross-border data exchange must be the ambition, reflecting the reality of organized, international criminal activity.
  • Data privacy considerations are crucial in facilitating this exchange.

Multilateral Cooperation on Financial Crime Data

  • Building on the work of the German FATF Presidency and its report “Partnering in the Fight Against Financial Crime: Data Protection, Technology and Private Sector Information Sharing,” it is time to consider further changes to the FATF standards.
  • This includes incorporating a new standard on establishing domestic and cross-border information sharing mechanisms as part of a key metric for an effective anti-financial crime system.

Public-Private Partnership

  • Continuing and evolving issues for financial crime risk management reform include public-private partnership, asset recovery, fraud detection and prevention, further whole system capabilities, and the measurement of effectiveness combined with prioritization in the anti-financial crime framework.
  • Effective collaboration between public and private sectors is essential in combating financial crime.