The Global Coalition to Fight Financial Crime (GCFFC), established to promote more effective public and private sector collaboration and engage policy makers with the aim of making anti-money laundering rules more effective, has been formally launched.
The founding of the coalition was announced in 2018 by its initial members, Europol, the World Economic Forum and financial markets data provider, Refinitiv.
The coalition aims to bring together different parts of the anti-financial crime ecosystem to work towards the establishment of global standards, built on public-private cooperation, to complement and make more effective current regional safeguards.
Due to its growing membership, the three founding members have now announced its newly formed secretariat and additional members.
The new members of the Coalition are: Atlantic Council, Crime Stoppers International, European Banking Federation, Future of Financial Intelligence Sharing Programme, Freedom Seal, Global Financial Integrity, Institute of International Finance, MENA Financial Crime Compliance Group, Rani’s Voice and Royal United Services Institute.
The main objectives of the coalition are to raise global awareness of financial crime as a critical challenge with grave financial and human consequences and promote more effective information sharing between public and private entities.
The coalition says it will also propose mechanisms to identify emerging threats and best practice approaches to more robust controls against money laundering and identify pressure points in the current anti-money laundering and counter financing of terrorism framework and propose solutions to these
The GCFFC web site can be found here.
Categories: Trade Based Financial crimes News