Illicit finance is a major threat to the security and prosperity of all nations. It not only enables criminals to profit from the most heinous crimes, but also finances terrorist atrocities. It causes an immense financial and human cost to society, business and government; a cost that we cannot, and should not, bear.In an increasingly interconnected, digital world, those engaged in financial crimes are continuously evolving their international operations, working across multiple jurisdictions.
The word “flow” here is appropriate. Like water, financial crime always takes the path of least resistance, quickly finding its way into the cracks. And a system is only as good as its weakest link. Which is why it’s vital that all system stakeholders collectively—and quickly—address their current weak spots.
This should include better sharing of information and intelligence, such as emerging typologies and tactical data sets, which would sharpen the regulated sector’s ability to identify suspicious activity. Improved collaboration could also enable global public sectors to leverage the capacity and capabilities of the private sector to help drive a more disruptive agenda and secure better outcomes. As an example, global law enforcement could look to the approach taken by the US Department of the Treasury and Department of Justice .
Deloitte How can anything be illicit if it’s allowed to trade daily ? How can something be illegal when people put deposit , make transfers. Fiscal paradises an Tax havens are licit and operating , the flow of money via these amounts in trillions.
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Deloitte We know... long before berniemadoff my wake up call was that michaelmilliken Remember that Uber rich elite pos. Guess who pardoned him? Come on..guess.
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