The post The Future of Fighting Financial Crime appeared first on Financial Crime News.
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It was an honour for the author to speak at the Abu Dhabi Finance Week on a panel focussing on Financial Crime “Global Governance Frameworks – Avoiding Cracks” with: David Lewis, Chady el-khoury, Dr Reem Alshamsi and expertly hosted by Mohamed Shalo.
Rather than focus on cracks in an assumed existing comprehensive framework I raised the issue of problematic gaps that had long existed and needed tackling.
The Author suggested something new he hadn’t said in public before after many months of discussions with many colleagues at the Global Coalition to Fight Financial Crime and elsewhere.
Whilst their is an argument to be made that what is needed now is for their to be a Financial Action Task Force on Financial Crime, Fraud and Money Laundering (Including Terrorism and Proliferation Finance) and not just on ML, with monitoring powers and the ability to apply consequential measures, their is also an argument that the current FATF approach should first evolve and consider 3 important adaptations before this approach is accepted.
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