Global Financial Integrity

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Despite billions spent, less than 1% of illicit financial flows are currently being seized by authorities, and international money laundering transactions are estimated to be as high as 5% of global GDP. Distrust between organizations continues to inhibit information sharing and collaborative efforts, and with approximately $1 trillion flowing out of developing economies alone it is now more important than ever to re-evaluate approaches to the fight against financial crime.

Technological breakthroughs, political transitions and evolving financial relationships all present emerging threats as well as opportunities. But what key factors must be taken into account when designing measures and frameworks for combatting specific regional flows and breaking down global networks?

Now in its third instalment, the Chatham House Illicit Financial Flows conference will deliver expert insights from senior policy-makers and key stakeholders on the illicit finance landscape to determine effective approaches for both public and private actors. Key questions include:

• Where have we seen the most significant increases in illicit finance? What forms have they taken, and how can this inform disruption strategies?
• How have money laundering and terrorism finance networks developed in the past 12 months? How successful have international efforts been in combatting them?
• How can information sharing and systemic transparency be increased alongside security and privacy across sectors and borders? How can public–private cooperation be encouraged?
• How can regulators design a governance framework for financial institutions that is fit for purpose? What role should private actors be expected to play, and how can appropriate behaviours be effectively encouraged?
• What risks and opportunities do recent advances in technology, such as artificial intelligence (AI), blockchain and big data, pose for detection and disruption?

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Monday 19 November

09:30 – 10:20
Welcome and chair’s opening remarks
Tom Keatinge, Director, Centre for Financial Crime, RUSI

Opening keynotes
Dan Moger, Deputy Assistant Secretary for Terrorism and Financial Crimes, U.S. Department of the Treasury
Hennie Verbeek-Kusters, Head of FIU, The Netherlands, and Chair, Egmont Group of Financial Intelligence Units

Questions and discussion

Overview | What’s New? Emerging Threats and Opportunities
10:20 – 11:30
This session will evaluate the evolving landscape for illicit financial flows and the potential need for new approaches, including the implications of ongoing policy shifts, the status of international terrorism and its financing and the success of recent international efforts.

Chair
Tom Keatinge, Director, Centre for Financial Crime, RUSI

Speakers
Patrick Moulette, Head, Anti-Corruption Division, OECD
Peter Neumann, Founding Director, International Centre for the Study of Radicalisation and Political Violence
Kenneth Blanco, Director, FinCen

Questions and discussion

11:30 – 12:00 Refreshments

Session One | Forms and Responses
12:00 – 13:15
This session will assess specific forms of illicit financial flows, exploring their regional significance and identifying effective national and international responses to combat them. Questions include:

• Where are flows coming from, and where are they going? Where can the most effective interventions be made?
• How have anti-corruption efforts advanced since the May 2016 international anti-corruption summit? How can these efforts be sustained and augmented?
• What are the consequences of illicit capital flight from developing countries? What forms have these taken, and how can this inform regional disruption strategies?
• How can law enforcement and financial institutions collaborate effectively to combat human trafficking and illegal wildlife trade?
• Which banking practices have proven most successful in identifying different forms of illicit flows? How can these behaviours be effectively implemented and leveraged?
• How can policy-makers encourage information sharing between different actors across borders? Where might this yield the greatest gains?
• How have illicit finance networks evolved in recent years? Is it effective to approach illicit financial flows individually, or is a more holistic approach required?

Chair
Maya Forstater, Visiting Fellow, Center for Global Development

Speakers
Simon Riondet, Head, Financial Intelligence Unit, Europol
Charmian Gooch, Co-founding Director, Global Witness
Geoff Cook, CEO, Jersey Finance
Joshua White, Director for Policy and Analysis, The Sentry

Questions and discussion

13:15 – 14:15 Lunch

Session Two | Designing Regulatory Frameworks
14:15 – 15:30
This session will explore the continuing effectiveness of existing regulatory approaches in combatting financial crime to identify steps for increasing information sharing, enhancing transparency, and designing a framework that is fit for purpose.

• How are regulatory developments seeking to tackle illicit financial flows? What are the challenges, and what are the opportunities?
• Where have developments in regulatory frameworks successfully enhanced public–/private collaboration?
• How can the cross-border sharing of financial intelligence be advanced? What other regulatory developments are required to enhance the fight against illicit financial flows?
• What roles and responsibilities are financial institutions expected to fulfil in the fight against financial crime, and how are they enabled to do so in the current environment?
• To what extent do existing policies prioritize technical compliance over effectiveness? Do existing measures, such as suspicious activity reporting requirements, serve their purpose as they stand?
• What have been the unintended consequences of different measures, and how can they be mitigated? How might they threaten financial exclusion?
• How can we maximize transparency while at the same time protecting privacy? To what extent is there an inconsistency between the two, and a difficulty when upholding both?

Chair
Marieke de Goede, Professor of Politics, University of Amsterdam

Speakers
David McLean, Head of Enforcement & Engagement and Joint Deputy Head of the Office of Financial Sanctions Implementation, HM Treasury
Anastasia Nesvetailova, Director, City Political Economy Research Centre
Robert Barrington, Managing Director, Transparency International UK
David Lewis, Executive Director, Financial Action Task Force

Questions and discussion

15:30 – 16:00 Refreshments

Session Three | Technology and Financial Crime
16:00 – 17:30
This panel discussion will explore the implications of ongoing technological developments, examining the potential risks but also the breakthroughs that can aid in detection and prevention of illicit financial flows. Questions include:

• What are the most significant technological developments in the fight against financial crime? Where are AI and data analytics being utilized, and where might these solutions be replicated? What best -practice in banking, customs and trade monitoring can be identified?
• What challenges are posed by technological developments such as cryptocurrencies in detecting illicit flows? What role can blockchain/distributed ledger technology play in tackling illicit financial flows?
• How should regulatory frameworks be adapted to accommodate these advances?
• In what ways are illicit finance networks evolving as a response? Where are we seeing relationships develop?

Chair
Misha Glenny, Broadcaster; Author, McMafia and DarkMarket

Speakers
Rob Gruppetta, Head of Financial Crime, FCA
Donald Toon, Director Prosperity, National Crime Agency
Phil Cotter, Global Head of Risk, Refinitiv
Edwina Thompson, Director, Beechwood International

Questions and discussion

17:30 End of conference and reception hosted by Chatham House

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There are three ways to register:

1. Online: Click here to complete the online registration form
2. Phone: Call Charlie Burnett Rae on +44 (0) 20 7957 5727
3. Email/Post: Download a PDF registration form(opens in new window), complete and return to Clare Smyllie via email or post: Chatham House, 10 St. James Square, London, SW1Y 4LE

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