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Illicit Financial Flows: A Financial Integrity Perspective

– Cenfri

In this perspective note for the Centre for Financial Regulation and Inclusion (CENFRI), Cooper, van der Linden, Rusare and Ferreira explore illicit financial flows and offer recommendations to stem the taboo transactions

The anti-money laundering and combatting the financing of terrorism landscape has typically focused on only money laundering and terrorist financing. However, Cooper, van der Linden, Rusare and Ferreira note that money laundering is just one type of financial crime among a host of issues that are interconnected.

They argue tackling financial crime comprehensively requires looking at the broader concept of illicit financial flows and how they relate to financial integrity. The authors suggest that systems that uphold the elements of Good ID can improve the ability to detect and mitigate illicit financial flows.

[Illicit financial flows] need to be incorporated into risk assessments and need to be understood as a key financial integrity issue demanding the attention of Financial Intelligence Units

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