5 SECURITY
The fight against money laundering and terrorist finance
Why is fighting money laundering and terrorist finance important to securing strong, sustainable, balanced and inclusive economic growth and people’s well-being? Money laundering and terrorist financing are significant global threats, ruining lives and draining billions of dollars from societies every year. Transnational organised crime and terrorism are on the rise, with criminals exploiting technological advances to build vast networks spanning multiple areas of crime. Without effective tools to combat these illicit activities and stop crime from being profitable, they will continue to cause harm. Financial crimes are not victimless. Fraud wrecks lives. Ransomware and tax evasion divert critical resources from essential services, such as health care, education and critical infrastructure
– hitting the poorest the hardest. Money laundering empowers criminal organisations and enables other serious crimes, including human trafficking, environmental destruction and corruption. Illicit finance also undermines the integrity and stability of the international and domestic financial systems, posing a major barrier to sustainable economic and social development. Combating illicit finance is crucial for reducing crime by taking out its infrastructure and enablers. A robust anti-money laundering and counter-terrorist financing regime strengthens and builds trust in the rule of law, promotes economic stability and encourages investment. Effective AML/CFT frameworks are vital for countries to achieve their macroeconomic objectives and to safeguard integrity, stability and growth.
Robust measures in combating illicit finance are vital for countries to achieve their macroeconomic objectives and to safeguard integrity, stability and growth
Interview with Elisa de Anda Madrazo, president, Financial Action Task Force
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G20 BRAZIL: THE RIO SUMMIT — 2024
globalgovernanceproject.org
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