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Insights at the Intersection of Financial Crime Data & Real Survivor Stories

09/06/2024

By amalgamating expert research and data, industry perspectives, and the voices of survivors, the NASDAQ 2024 Global Financial Crime Report sheds light on the scope and impact of fraud and money laundering, as well as the crimes that underpin the flow of illicit funds around the world.

INTRODUCTION

Financial crime, a global menace, not only threatens the integrity and security of our financial system but also has a profound, real-world impact. The sheer magnitude of these crimes, both in terms of value and consequences, is truly alarming when we consider the human lives that are affected. This is not a localised issue but a global one, with its effects felt in every corner of the world, demanding immediate attention and action.

The impacts are felt deeply in our communities, often by the most vulnerable members of society , who bear the brunt of these crimes.

These are not just faceless statistics, but real people, demonstrating remarkable resilience as they struggle to survive in the wake of financial crime. Meanwhile, the perpetrators, like shadows, evade detection by exploiting the interconnected nature of our global financial system and leveraging new and emerging technologies for their illicit benefit.

FINANCIAL CRIME IS A MULTI-TRILLION-DOLLAR PROBLEM.

From lone fraudsters to transnational criminal organisations, criminals are not bound by borders, privacy, or the rule of law.

From lone fraudsters to transnational criminal organisations, criminals are not bound by borders, privacy, or the rule of law. They adapt readily as financial organisations implement new defences , quickly leveraging new technologies for illicit purposes, sharing criminal best practices for profit, and distributing their activities to evade detection.

The scale of this global financial crime epidemic is immense, underscoring the need for continuous innovation in our anti-crime measures.

This adaptability has led to over $3.1 trillion in money laundering and terrorist financing worldwide.

Last year [2023] alone, more than an estimated $3.1 trillion in illicit funds flowed through the global financial system.

Among the most prevalent crimes that fuelled trillions of dollars in illicit flows and money laundering activity were a range of destructive crimes, including an estimated:

  • $782.9 billion in drug trafficking activity
  • $346.7 billion in human trafficking
  • $11.5 billion in terrorist financing
  • $442 billion in projected payments, check and credit card fraud losses.

In the last year, these fraud schemes, and heinous crimes such as human trafficking, drug trafficking and terrorist activity fuelled the flow of trillions of dollars in illicit funds through the global financial system.

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