The effectiveness of financial crime risk management reform and next steps on a global basis

Article

The effectiveness of financial crime risk management reform and next steps on a global basis

The Institute of International Finance and Deloitte White Paper November 2021

Executive summary

Policymakers, law enforcement, regulators and the private sector have all taken important steps to protect the citizens that they serve and the economies in which they operate through significant investment in people, processes, and technology. Despite this, it has continued to be difficult to effectively stem the flow of illicit finance.

In this paper, the Institute of International Finance (IIF) and Deloitte Transactions and Business Analytics LLP (“Deloitte”) highlight four areas of focus where continued reform could build on the good work and progress already underway globally to help improve the effectiveness of the anti-financial crime framework: 1. the use of financial intelligence; 2. risk prioritization; 3. technology and innovation; and 4. international cooperation and capacity building.

This paper also highlights important instances of ongoing systemic improvements, how similar efforts can be deployed across jurisdictions, and how policymakers could prioritize international cooperation and coherence. Strong global leadership is vital, as is a continued commitment from all stakeholders to take an empowered, proactive, collaborative and outcome-focused approach to tackling financial crime. Only by working collectively as a coordinated international system can public and private stakeholders truly address, and ultimately prevent, domestic and cross-border financial criminality.

PDF - 7.56MB

Contents

Part 1: The global outlook on financial crime risk management reform

Part 2: A way forward on continuing to enhance effectiveness in financial crime risk management

  1. The use of financial intelligence
  2. Risk prioritization
  3. Technology and innovation
  4. International cooperation and capacity building
Did you find this useful?