Deloitte symposium explores key developments in financial crime

19 March 2024 2 min. read
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At the Financial Crime Symposium in Dubai, leaders and professionals from across the financial crime scene came together to discuss the latest trends and developments in the landscape.

The symposium, hosted for the seventh time by accounting and consulting firm Deloitte, provided a vibrant forum through keynote addresses and panel discussions.

The event in the United Arab Emirates was attended by global and regional representatives of law enforcement, regulatory bodies, financial institutions, professional services firms, and technology providers.

Deloitte symposium explores key developments in financial crime

“It was a pleasure to reconnect with so many industry professionals,” said Ralph Stobwasser, Head of Financial Crime Advisory at Deloitte. “The insights gained during the symposium will contribute to the ongoing dialogue in the fight against financial crime in the region.”

According to the 2024 Global Financial Crime Report from Nasdaq, more than $3.1 trillion in illicit funds flowed through the global financial system last year. This included nearly $800 billion in drug trafficking, nearly $350 billion in human trafficking, and more than $11 billion in terrorist financing. Fraud scams and bank fraud schemes accounted for nearly $500 billion in losses.

Given the size and complexity of the landscape, Deloitte partner Chris Bostock emphasized at the event that the fight against financial crime requires “a whole system” change. “Combatting it effectively requires stakeholders from across both the public and private sectors to work in collaboration both domestically and internationally and across all elements of the economy to achieve common objectives.”

Among the topics put forward to advance financial crime battling were fostering new alliances, embracing technology (such as artificial intelligence), innovation, and public-private partnerships.

Highlighting the UAE’s progress in the field, speakers discussed the initiatives undertaken by the UAE in its successful removal from the FATF ‘grey’ watchlist. Furthermore, discussions centered around the proactive measures and strategies for achieving a positive outcome in the upcoming fifth round of FATF evaluations in 2026.

The event also addressed the intricate interplay between trade-based money laundering, export controls, and international sanctions.