Financial crime causes monumental harm around the world. The proceeds of bribery, corruption, fraud, narcotics trafficking and other organized crime have all been implicated in the financing of terrorism, human rights abuses such as slavery and child labour, and environmental crime. This has serious economic and social costs in terms of the lost revenues to national exchequers that could be invested in social development, and in terms of the impact on individual lives.
With the financial crime issue firmly on the global agenda, Refinitiv, (nee the Financial and Risk business of Thomson Reuters), the World Economic Forum (WEF) and Europol launched the Global Coalition to Fight Financial Crime in February 2018 to advocate a comprehensive, concerted effort to drive change in the way the world fights financial crime. Specific key objectives include:
- To raise global awareness of financial crime as a critical challenge.
- To promote more effective information sharing between public and private entities.
- To propose mechanisms to identify emerging threats and best practice approaches to more robust money-laundering controls.
- To identify pain points in the current regulatory regime and propose solutions.