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Financial Crime Risk Management Reform

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This comprehensive report highlights various issues and recommendations for improvement in financial crime risk management reform.

Part 1: Introduction

The report emphasizes the need for a globally coordinated response to address financial crimes. It also highlights the importance of implementing the Financial Action Task Force (FATF) standards to prevent and detect financial crime. However, ongoing challenges such as inconsistent application of FATF recommendations across jurisdictions persist.

Key Points

• The report emphasizes the need for a globally coordinated response to address financial crimes.
• It highlights the importance of implementing the Financial Action Task Force (FATF) standards to prevent and detect financial crime.
• Ongoing challenges include inconsistent application of FATF recommendations across jurisdictions.

Part 2: Continuing Issues

The report identifies several areas where issues persist:

Standards for Information Sharing

Effective cross-institution, cross-sector, and cross-border data exchange is crucial for addressing financial crimes. The FATF has made progress by revising Recommendations 2 and 18 on national cooperation and coordination between AML and data privacy authorities and intra-group information sharing for FIs. However, inconsistency in application and challenges to group-wide sharing remain.

• The FATF made progress by revising Recommendations 2 and 18.
  • Revised Recommendation 2: National Cooperation and Coordination
  • Revised Recommendation 18: Intra-Group Information Sharing for FIs
• However, inconsistency in application and challenges to group-wide sharing persist.

Data Privacy Considerations

Balancing data protection with the need for financial crime prevention is a persistent issue.

Multilateral Cooperation on Financial Crime Data

International coordination and information sharing are essential for addressing transnational financial crimes.

Recommendations

The report proposes several recommendations:

Review and Strengthen FATF Recommendation 2 (R.2)

Review and strengthen the implementation of FATF Recommendation 2 (R.2) on national cooperation and coordination between AML and data privacy authorities. The review should focus on ensuring that increased cooperation and coordination lead to the development of operative information gateways in legislation or clarification of existing rules.

• Review and strengthen the implementation of R.2
  • Ensure increased cooperation and coordination lead to operative information gateways

Consider Revising the Associated Interpretative Note (INR.2)

Consider revising the associated interpretative note (INR.2) to clarify the expectations for national cooperation and coordination between AML and data privacy authorities.

• Consider revising INR.2
  • Clarify expectations for national cooperation and coordination

Introduce a New Standard on Establishing Domestic and Cross-Border Information Sharing Mechanisms

Introduce 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. This would involve moving from non-binding to binding recommendations, setting a global baseline that enables stakeholders to see a fuller picture of financial criminal activity.

• Introduce a new standard
  • Establish domestic and cross-border information sharing mechanisms
  • Move from non-binding to binding recommendations

Overall, the report emphasizes the need for continued reform and improvement in addressing financial crimes, focusing on standards for information sharing, data privacy considerations, and multilateral cooperation.