An Assessment of Scams in East Asia

Whilst all countries are seeing an increasing level of scams, richer countries, for example, G7, EU & OECD member countries are reporting the most in terms of cases & losses. A few countries or jurisdictions are reporting sufficient information to be able to understand the threat well enough & appreciate the response. These include Australia, […]

GCFFC estimates proceeds from Human Trafficking at USD $498 Billion

Despite the most recent ILO update last month which shows increasing illicit profits from Modern Slavery/Human Trafficking of US$86 billion over a decade to US$236 billion, the GCFFC believes the most recent estimate is still likely an underestimate. The ILO states that US$236 billion, “is the obscene level of annual profit generated from forced labour in the world […]

GCFFC Submission to HKMA Public Consultation

Since its inception, the GCFFC has advocated for increased collaboration and information sharing as a key tenet in improving the effectiveness in fighting financial crime. The Coalition also supports maintaining privacy and data protection and recognises a balance has to be achieved. We note and support the measures Hong Kong has already taken to promote […]

FAQs on the use of AI as a tool to accelerate effectiveness in fighting financial crime by Financial Institutions

The Global Coalition to Fight Financial Crime established a Technology and Innovation Experts Working Group in 2022, inviting leading experts and practitioners to consider amongst other things, “the use of Artificial Intelligence (AI) as a tool to accelerate effectiveness in fighting financial crime”. In this paper published today, the experts group have focussed on Financial Institutions […]

Global Fraud Summit – GCFFC Press Release

On 11th March, 2024, Interpol published the ‘Financial Fraud assessment a global threat boosted by technology‘ as part of the first Global Fraud Summit, hosted by the UK Home Secretary, and attended by the Ministers from the G7, Singapore,  South Korea and the private sector (e.g. banks, telecommunications, online platforms and payment companies).   Using […]

MENA FCCG Releases Guide on Illegal Wildlife Trade

In its latest endeavours to enhance financial crime literacy across the region and beyond, the MENA FCCG in collaboration with United for Wildlife has issued a Guide on Illegal Wildlife Trade (IWT).