Coalition to Fight Financial Crime

Illicit proceeds from criminal activity are estimated to account for 2-5% of global GDP (around $2 trillion USD), yet less than 1% is ever seized or frozen by law enforcement agencies – the current anti money laundering regime is not fit to combat a crisis of this scale. As such, the coalition presents a concerted and collaborative effort to address the societal costs and risks that financial crime poses to the integrity of the global financial system through five key objectives: 


  1. Raising global awareness of financial crime as a critical challenge with grave financial and human consequences

  2. Promoting more effective information sharing between public and private entities on a coordinated and global level

  3. Proposing mechanisms to identify emerging threats and best practice approaches to develop more robust money laundering systems and controls

  4. Identifying pain points in the current global AML regime and proposing solutions to address these

  5. Supporting initiatives to assist governments and law enforcement to effectively identify and seize the assets of criminals

Approach: 

The coalition has been designed using a multifaceted approach to ensure the success of its objectives:


  • Defining financial crime in broader terms, not just as the proceeds of illegal activity, in order to combat the broad range of financial crimes that impact economies, societies and individuals

  • Moving away from a “tick box” compliance approach and towards making a real impact. 

  • Working with financial and non-financial sectors to recognize and promote the strategic importance of emerging technologies

  • Driving change by helping financial institutions 

The coalition meets in-person and on a semi-annual basis. However, also facilitates forums/calls between members and partners for more regular information sharing updates. 

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