Financial institutions should participate actively in public-private information-sharing frameworks to foster a more effective anti-money laundering and counter financing of terrorism (AML/CFT) programme according to a paper published by the Wolfsberg Group.
The association of global banks that develops frameworks and guidance for the management of financial crime risks – particularly with respect to policies for AML/CFT and know your customer (KYC) – also says it fully intends to engage with the public sector, including law enforcement bodies.
Wolfsberg’s paper, Effectiveness through Collaboration, expands on a key element of the group’s views on developing an effective AML/CTF programme and specifically focuses on successful engagement through public-private partnerships.
The paper urges the public sector to prioritise the establishment and strengthening of empowered public-private partnerships and encourages financial institutions to participate actively in information-sharing frameworks to foster a more effective AML/CTF regime.
Benefits all round
This focus on improving the outcomes of collective investments in fighting financial crime aims to boost the efforts of law enforcement and will increase the effectiveness of AML/CTF programmes.
This would ultimately benefit public sector participants, private sector stakeholders, and society at large, the paper concludes.
The Wolfsberg Group paper, Effectiveness through Collaboration can be found here.
Categories: Trade Based Financial crimes News