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:
- Raising global awareness of financial crime as a critical challenge with grave financial and human consequences
- Promoting more effective information sharing between public and private entities on a coordinated and global level
- Proposing mechanisms to identify emerging threats and best practice approaches to develop more robust money laundering systems and controls
- Identifying pain points in the current global AML regime and proposing solutions to address these
- Supporting initiatives to assist governments and law enforcement to effectively identify and seize the assets of criminals
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.