‘Global Coalition to Fight Financial Crime’ Formally Launches

Source: Regulation Asia Editors, Regulation Asia 2020-06-08

The GCFCC’s members include the Atlantic Council, Crime Stoppers International, EBF, Europol, FFIS, Freedom Seal, GFI, IIF, MENA FCCG, Rani’s Voice, Refinitiv, RUSI, and World Economic Forum.

The Global Coalition to Fight Financial Crime (GCFFC) has announced its public launch, bringing together 13 key players from the anti-financial crime ecosystem to raise awareness, promote information sharing between public and private entities, and enhance the effectiveness of controls against money laundering.

The GCFFC was first unveiled in 2018, with Europol, the WEF (World Economic Forum) and Refinitiv as its founding members.

Due to its growing membership, the three founding members have announced the GCFFC’s newly formed Secretariat and formal launch.

The additional members include: Atlantic Council, CSI (Crime Stoppers International), EBF (European Banking Federation), FFIS (Future of Financial Intelligence Sharing programme), the Freedom Seal, GFI (Global Financial Integrity), IIF (Institute of International Finance), MENA FCCG (MENA Financial Crime Compliance Group), Rani’s Voice, and RUSI (Royal United Services Institute).

The main objectives of the GCFFC are to:

Raise global awareness of financial crime as a critical challenge with grave financial and human consequences
Promote more effective information sharing between public and private entities
Propose mechanisms to identify emerging threats and best practice approaches to more robust controls against money laundering
Identify pressure points in the current AML/CTF and propose solutions to these

“As Covid-19 pushes the global economy into recession, it is crucial that public and private sector leaders effectively combat financial crime to safeguard trust in the financial system and ensure that economic aid reaches those most in need,” said Matthew Blake, Head of Financial & Monetary Systems at the WEF.

“The Coalition will raise awareness and foster collaboration among key stakeholders to mitigate the damaging economic and societal implications of financial crime.”

As part of the formal launch, the Coalition has appointed Brussels-based consultancy FleishmanHillard as its dedicated Secretariat.

“We continue to see fragmentation in approaches across political, regulatory and economic spheres when it comes to implementing strategies to tackle financial crime,” said Che Sidanius, Global Head of Financial Crime & Industry Affairs at Refinitiv. “We need public and private organisations to work together, across borders, if we are to share information and adopt emerging technologies that will enable us to disrupt and dismantle the criminal networks.”

“The Coalition harnesses the unique strengths of its members to address these issues and to mobilise decision-makers at the highest levels.”

For more information visit the GCFFC’s newly set up website and LinkedIn page.

Refinitiv

bank

Compliance

CTF

‘Global Coalition to Fight Financial Crime’ Formally Launches

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