Towards a Global Approach to Combating Financial Crime

The chapter delves into the evolution of global cooperation against financial crime, beginning with the early 20th-century efforts to control drug trafficking and the laundering of proceeds. It highlights key international conventions, such as the UN Conventions against Illicit Drugs and Corruption, and the role of bodies like the Financial Action Task Force (FATF) in setting global standards for anti-money laundering and counter-terrorism financing. The text also examines the challenges posed by globalisation and technological advancements, which have facilitated the cross-border movement of funds and the emergence of new criminal tactics. Additionally, it discusses the need for a coordinated global response to address these challenges effectively, emphasising the importance of international cooperation and the harmonisation of laws and regulations across jurisdictions.