Financial Crime Risk Management Report

The new Financial Crime Risk Management Report provides a comprehensive overview of current developments and challenges in global financial crime. Deloitte and the Institute of International Finance (IIF) have jointly published the third white paper in this series to assess the global framework for tackling financial crime and provide an overview of the state of risk management reform. The report presents current thinking and recommendations on how the public and private sectors can work together to further improve the effectiveness of the fight against illicit financial flows, while addressing the resulting potential, risks and priorities.

Since 2019, the IIF and Deloitte have published joint reports every two years to examine fundamental aspects of preventing, detecting and mitigating financial crime worldwide. The third report is based on the expertise of experts from financial institutions, policy makers, regulators and law enforcement agencies from different regions of the world. The following topics, among others, are examined in detail in the report:

1. Enhanced asset recovery
2. More efficient methods for detecting and preventing fraud
3. Use of financial information
4. Building partnerships at national and international level
5. Data protection

In the global context, challenges remain in designing and measuring the effectiveness of the overall system to combat financial crime. Both the public and private sectors need to make progress in developing and implementing clear objectives and establishing sound system governance. Regulatory, legal and technological developments have created new optimization methods that require in-depth discussion. It is also important to consider these issues in the context of geopolitical developments and potential risks that may contribute to the proliferation of illicit financial transactions, taking into account the impact of competing national security priorities.