Democracy depends on transparency and honest government. But societies trust in public officials—and the system of government itself—can falter when dirty money flows from autocratic regimes to democracies. The transfer of kleptocratic funds is increasingly seen as the major global financial crime threat.
How can we improve effectiveness in the fight against financial crime?
One thing is clear: sticking plasters and short-term solutions are not the answer. Financial crime is a systemic problem requiring systemic solutions.
Sanctions are an increasingly important tool in the fight against financial crime and corruption.
Major democratic powers, such as the U.S., EU, and the U.K., are actively developing their human rights and corruption-focused sanctions systems. But states like China and Russia are developing measures designed to block Western sanctions.
Regulatory technologies (RegTech) are an established tool to help finance firms deliver on their anti-money laundering (AML) obligations.
But an important field is developing alongside RegTech, known as “EffectTech”—tech designed to help finance firms test and audit their systems to an external benchmark.
Regulators across the world are gaining new powers and resources to fight financial crime. Developments such as the U.S. Anti-Money Laundering Act (AMLA) of 2020, the EU’s anti-money laundering/combating the financing of terrorism (AML/CFT) plan, and the new EU-wide AML agency are all evidence of this.
But how effective are these moves likely to be? Are we on the verge of a new “push” to tackle financial crime, similar to that which led to the Financial Action Task Force (FATF) in the late 1980s—or do these changes lack real teeth?
FinCrime Global 2021 will be presented in the comfort of your home or office. Virtually travel around the world and hear exclusive content from financial crime leaders in the UK, EU, US and APAC.
FinCrime Global will foster engaging and informative conversation on the following topics and more.