Combating Financial Crime

This collection, a product of the Financial Integrity Hub (FIH), considers the societal costs of combating financial crime, exploring the interplay between security imperatives, individual rights, and the integrity of global financial systems. It investigates the ethical dilemmas and practical challenges faced by policymakers, practitioners, and the public as they navigate the evolving landscape of anti-money laundering and counter-terrorism financing (AML/CTF) regimes. 
The book examines how measures emerging from these AML/CTF regimes, while intended to safeguard societies and economies, can erode privacy, stifle legitimate activities, and exacerbate inequalities. Through in-depth analysis and the use of real case studies, this book scrutinises the ethical and legal dilemmas arising from expanded surveillance practices, exploring how the pursuit of security can lead to the erosion of civil liberties and the potential for abuse. It critically assesses the impact of regulatory frameworks on diverse sectors, including non-profit organisations, vulnerable populations, and legitimate businesses, highlighting the unintended consequences of well-intentioned policies. It also considers the increasing use of technology in surveillance efforts, as exemplified by developments in Australia, raising critical questions about the future of privacy in an increasingly interconnected world. Furthermore, the book highlights the intersection of financial crime with environmental exploitation, demonstrating the interconnected nature of illicit activities and their far-reaching impact. 
Through a global lens, the book considers the effectiveness of various regulatory approaches, including the use of unexplained wealth orders, risk-based assessments, and emerging technologies like Central Bank Digital Currencies (CBDCs). It exposes the gaps and limitations in current frameworks, questioning whether they adequately address the evolving threats of terrorist financing and complex financial crimes. By exposing these multifaceted challenges, the book calls for a more nuanced and holistic approach to combating financial crime that recognises the importance of safeguarding fundamental rights, promoting fairness, and ensuring that measures taken to protect society do not inadvertently undermine its core values. This book provides valuable insights for policymakers, practitioners, and the public, challenging readers to consider the balance between security imperatives and the preservation of a just and equitable society.
This book is essential reading for legal professionals, policymakers, academics, law enforcement agencies, financial institutions, and anyone concerned with the ethical and legal dimensions of the global fight against financial crime. It provides valuable insights for navigating the complexities of this evolving landscape, prompting critical reflection on the unintended consequences of our actions and encouraging a more balanced and responsible approach to safeguarding financial integrity.