Brussels, 2 June 2020 – In 2018, Europol, the World Economic Forum and Refinitiv formed the Global Coalition to Fight Financial Crime (the Coalition) in Davos to promote more effective public and private sector collaboration and engage policy makers with the aim of making anti-money laundering rules more effective. Due to its growing membership, the three founding members are delighted to announce its newly formed Secretariat and formal launch today.
The members of the Coalition are: Atlantic Council, Crime Stoppers International (CSI), the European Banking Federation (EBF), Europol, the Future of Financial Intelligence Sharing programme (FFIS), the Freedom Seal, Global Financial Integrity (GFI), the Institute of International Finance (IIF), the MENA Financial Crime Compliance Group (MENA FCCG), Rani’s Voice, Refinitiv, the Royal United Services Institute (RUSI), and the World Economic Forum.
Catherine De Bolle, Executive Director at Europol said:
“Europol welcomes the strengthening of the Coalition, which brings together expert perspectives from across the anti-financial crime ecosystem. We must continue to look for ways to make public-private information-sharing more effective, while respecting the applicable regulations. The way criminals are exploiting the current pandemic only reinforces the need for a group like this one.”
The main objectives of the Coalition are to:
- Raise global awareness of financial crime as a critical challenge with grave financial and human consequences
- Promote more effective information sharing between public and private entities
- Propose mechanisms to identify emerging threats and best practice approaches to more robust controls against money laundering
- Identify pressure points in the current anti-money laundering/counter-terrorist framework and propose solutions to these
Matthew Blake, Head of Financial & Monetary Systems at the World Economic Forum said:
“As COVID-19 pushes the global economy into recession, it is crucial that public and private sector leaders effectively combat financial crime to safeguard trust in the financial system and ensure that economic aid reaches those most in need. The Coalition will raise awareness and foster collaboration among key stakeholders to mitigate the damaging economic and societal implications of financial crime.”
As part of its formal launching, the Coalition has appointed FleishmanHillard, the Brussels-based consultancy, as its dedicated Secretariat, and also set up a website and a LinkedIn page, which will act as knowledge hubs and amplifiers in raising awareness of Members’ work on tackling financial crime globally. The launch also comes at a particularly opportune moment following the recent publication of the European Commission action plan on preventing money laundering and terrorist financing.
Che Sidanius, Global Head of Financial Crime & Industry Affairs at Refinitiv said:
“We continue to see fragmentation in approaches across political, regulatory and economic spheres when it comes to implementing strategies to tackle financial crime. We need public and private organizations to work together, across borders, if we are to share information and adopt emerging technologies that will enable us to disrupt and dismantle the criminal networks. The Coalition harnesses the unique strengths of its members to address these issues and to mobilise decision-makers at the highest levels. The growth and formalisation of the Coalition brings new impetus to our efforts and we welcome our most recent members.”
The Coalition very much hopes to be joined by other interested parties.
Founded by Refintiv, Europol, and the World Economic Forum in 2018, the Global Coalition to Fight Financial Crime brings 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.Catherine De Bolle, Executive Director at Europol said:
The Atlantic Council promotes constructive leadership and engagement in international affairs based on the Atlantic Community’s central role in meeting global challenges. The Council provides an essential forum for navigating the dramatic economic and political changes defining the twenty-first century by informing and galvanizing its uniquely influential network of global leaders. Through the papers it publishes, the ideas it generates, the future leaders it develops, and the communities it builds, the Atlantic Council shapes policy choices and strategies to create a more free, secure, and prosperous world.
Crime Stoppers International is an independent non-profit umbrella organization, officially registered in the Netherlands as a foundation. The mission of CSI is: ‘to mobilize the world to provide information on crime anonymously’. With affiliated and accredited national and local Crime Stoppers programs in 26 countries, CSI forms a global network and provide platforms for communities around the world to report on crime anonymously.
The European Banking Federation is the voice of the European banking sector, uniting 32 national banking associations in Europe that together represent some 3,500 banks – large and small, wholesale and retail, local and international – employing about two million people.
Europol is the European Union’s law enforcement agency with the main goal of achieving a safer Europe for the benefit of all the EU citizens. Headquartered in The Hague, the Netherlands, Europol supports the 27 EU Member States in their fight against terrorism, cybercrime and other serious and organised forms of crime, working also with many non-EU partner states and international organisations.
The Freedom Seal is the First Global Mark of Trust awarded to companies who are effectively taking action to eradicate modern slavery. The aim of the Freedom Seal is to help companies and industries with significant risks in human rights so they can demonstrate their respect for human rights and provide evidence to authorities and the world of the actions they are taking to enforce their commitments.
Global Financial Integrity (GFI) is a Washington DC-based think tank, producing high-calibre analyses of illicit financial flows, advising developing country governments on effective policy solutions and promoting pragmatic transparency measures in the international financial system as a means to global development and security.
The Institute of International Finance (IIF) is the global association of the financial industry, with more than 450 members from more than 70 countries. Its mission is to support the financial industry in the prudent management of risks; to develop sound industry practices; and to advocate for regulatory, financial and economic policies that are in the broad interests of its members and foster global financial stability and sustainable economic growth. IIF members include commercial and investment banks, asset managers, insurance companies, sovereign wealth funds, hedge funds, central banks and development banks.
The MENA Financial Crime Compliance Group (MENA FCCG) is a voluntary body that seeks to bring collective action in the fight against money laundering and terrorist finance in the region. The group comprises 13 banks from nine MENA countries, including; Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia and the UAE.
Rani’s Voice is a global social enterprise focused on human trafficking prevention. Its objective is to mobilise and influence decision-makers at the highest levels to increase awareness of financial crime and modern slavery, promote more effective information sharing, and establish enhanced processes to share best practices. The inclusion of Rani’s Voice in the coalition gives a voice to the millions enslaved throughout the world, drawing attention to their suffering, and highlighting the importance of finding new ways to secure their freedom.
Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in over 190 countries. It provides leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community – driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime.
The Royal United Services Institute (RUSI) is an independent think tank engaged in cutting edge defence and security research. A unique institution, founded in 1831 by the Duke of Wellington, RUSI embodies nearly two centuries of forward thinking, free discussion and careful reflection on defence and security matters.
The World Economic Forum (WEF) engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. It strives in all its efforts to demonstrate entrepreneurship in the global public interest while upholding the highest standards of governance. Moral and intellectual integrity is at the heart of everything it does. The institution carefully blends and balances the best of many kinds of organisations, from both the public and private sectors, international organisations and academic institutions.