The Global Coalition to Fight Financial Crime was launched at the Annual Meeting 2018 by Europol, Refinitiv and the World Economic Forum with the purpose of improving societies’ abilities to identify disrupt organized crime by improving the effectiveness of anti-financial crime efforts in the financial services sector.
The coalition identifies key weaknesses in the current system and advocates for tangible reforms at political and policy level to make global anti-money laundering efforts more effective.
The coalition’s 20 members lead the field of prevention and response to financial crime. Members are drawn from law enforcement, banking, payments, fintech, civil society and research institutions. By 2020 the Coalition began to operate independently of its three founding members. It now has a formalised secretariat chaired by John Cusack, former co-chair of the Wolfsberg Group.
In 2021, the Coalition became an International Champion of the Global Initiative to End Wildlife Crime.
Key achievements of the coalition’s expert committees include constructive engagement with the European Commission on the AML legislative reform, culminating in a coordinated response from a several members to the public consultation on EU guidance for public private partnerships.
Coalition members also produced a report on beneficial ownership transparency in light of ongoing work by international governments on FATF Recommendation 24.
The next step for the Coalition is to develop its APAC regional chapter, harnessing the expertise of members and others in the region.
Read more about this initiative and how to get involved here