Anti-money laundering and countering the financing of terrorism focus report 2022

Anti-money laundering authorities face a never-ending battle to track and block the proceeds of financial crime. Increasingly, they are finding themselves in a technological race to stay ahead of criminals. Traditional channels – banks and cash – remain the leading options for those looking to launder the proceeds of crime, but an explosion of fintech firms and crypto assets is creating new routes that may be out of sight of the authorities.

How are authorities, and central banks in particular, responding? This report flags the many ways supervisors are stepping up to face new challenges, but it also warns there are areas in which more work is needed. For many, there is untapped potential in data and new tools to analyse it. Risk-based techniques can help supervisors make the best use of limited resources. There also needs to be more work worldwide to improve information-sharing and other forms of co-operation.

The stakes are high, but this report shows there is an opportunity for supervisors to gain an edge. They should seize it.