Banks are spending $20 billion on compliance in an effort to combat money laundering, yet only one percent of illicit financial flows are seized by authorities every year. While regulations have been introduced to crack-down on money laundering, so far they have had a limited effect.
European countries have collected data on numerous suspected money-launderers and terrorist financiers, but currently cooperation between countries is minimal. Uncertainty around Brexit threatens to further diminish this.
This is a particular problem for Britain, with 65 percent of all suspicious transactions coming from the UK and the Netherlands alone, according to figures from Europol.
According to identity verification experts Trulioo, it’s clear that a secure, reliable global solution is required to fight money laundering and the financing of terror.
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