INTERPOL Centre to Tackle Financial Crime and Corruption
According to a recent INTERPOL assessment, member countries reported that financial crime and corruption were among the top three threats they currently face.
The world police body has launched the INTERPOL Financial Crime and Anti-Corruption Centre (IFCACC) to provide a coordinated global response against the exponential growth in transnational financial crime.
Fueled by ever-increasing globalization and digitalization, criminals are able to commit financial crime with increasing efficiency and sophistication, undermining global financial systems, impeding economic growth and causing huge losses to businesses and individuals worldwide.
A 2020 survey by consulting firm PwC of businesses in 99 territories showed that nearly half of all respondents had reportedly fallen victim to financial crime in the previous two years, with losses totaling USD 42 billion. In terms of volume, fraud is now the most prevalent form of criminality in some countries.
Corruption likewise adds to the complexity of the crime landscape, creating a fertile ground for organized criminal activities. The two crime types are inextricably linked, with both often relying on similar mechanisms to move and launder illicit funds, increasingly involving transnational organized crime groups.
According to a recent INTERPOL assessment, member countries reported that financial crime and corruption were among the top three threats they currently face.
Adopting a multi-agency approach, IFCACC will work closely with key stakeholders to strengthen collective efforts against financial crime and corruption. These include the Financial Action Task Force (FATF), the FATF-Style Regional Bodies (FSRBs), the Egmont Group of Financial Intelligence Units, law enforcement agencies, police organizations and the financial sector.
