When people think of financial crime, which usually includes money laundering, financial sanctions and bribery and corruption as a collective, they don’t think about victims or costs linked to financial crime.
They think about fraudulent claims against insurance companies or identity theft, when actually financial crime is a trillion dollar industry that has an enormous toll on society globally. From human trafficking and prostitution in Romania to drug wars in Colombia, the human impact is very real and is a global phenomenon.
The scary truth is that it occurs every day without us even noticing! It
is the person making your T-shirts and not keeping any of their wages. It can
be the person painting your nails when getting ready for a wedding, who gets
forced to hand all their earnings to a landlord.
Financial crimes and corruption is nothing new. It’s been part of society
for millennia, however the sophistication of financial criminals and their
ability to harness technology to facilitate these crimes are evolving every
day. Every year, an estimated USD2.4 trillion in illicit proceeds is laundered
through the world’s financial systems and currently only a very small amount of
this activity is detected in the global financial system.
This means that financial and non-financial institutions such as insurance companies, banks and money services businesses need to employ all the tools at their disposal to fight financial crime. It is also imperative that private and public sector companies work together to develop strategies when exchanging data and information across borders to try to combat financial crime and the impact on society, because data is one of the most crucial tools used in illicit cash flows.
Financial crime is near the top of every lawmaker’s agenda across the globe. However, with legislation we are only scratching the surface. We need every person around the world to commit to the fight against financial crime.
This training was designed to specifically to protect you and your company against abuse by criminals, by introducing the concepts of money laundering and terror financing and to aid you in dealing with these situations.