Financial Crime Prevention in an Age of Paradox

This chapter delves into the intricate world of financial crime prevention, highlighting the paradoxes that arise from global enforcement regimes and technological advancements. It explores the historical context of financial crime, tracing its evolution from the 1980s to the present day, and examines the role of the Financial Action Task Force (FATF) in setting global standards. The chapter also discusses the impact of technological innovations, such as regulatory technology (RegTech) and supervisory technology (SupTech), on financial crime prevention efforts. It highlights the unintended consequences of these measures, including the rise of financial exclusion and the challenges of implementing effective prevention strategies. The chapter concludes by emphasizing the need for a more nuanced and evidence-based approach to financial crime prevention, one that balances the opportunities and challenges presented by technological advancements and global enforcement regimes.