10 Organizations Working to Fight Financial Crimes and Prevent Money Laundering

10 Organizations Working to Fight Financial Crimes and Prevent Money Laundering

Money Laundering is a global issue, and many organizations are working relentlessly to fight financial crimes and combat money laundering. Financial frauds are rising as criminals use innovative ways to launder money. These organizations act as watchdogs and include compliance professionals and AML trainers contributing in their capacity to combat money laundering, financial crimes, and terrorism funding. Let’s discuss the top 10 organizations working in the compliance field and helping the world economy from falling prey to the activities of criminals who may be tax evaders, money launderers, terrorists, or other criminal organizations. 

Let’s know about 10 critical organizations working to fight the menace of money laundering – a global issue that impacts the world economy. 

1. Financial Action Task Force (FATF)

The Financial Action Task Force is a famous international organization that prevents financial crimes and money laundering. The organization assists authorities in the fight against various criminal activities such as the rampant trade of illegal drugs, extortion, human trafficking, etc., and financing of terrorism. It makes policies to prevent financial crimes but needs the support of the governments to implement these policies. The FATF recommendations help fight organized crimes, corruption, and terrorism. More than 200 countries are committed to following the organization’s recommendations. 

2. Association of Certified Financial Crime Specialists (CFCS) 

This organization offers various solutions focused on training, membership, and certifications around financial crimes. It provides certification that validates skills across the entire financial crime spectrum and is considered a gold standard for compliance professionals in more than 80 countries. People can get trained in various finance and compliance allied subjects such as AML and crypto compliance and educate themselves on other financial crime risks. The CFCS community is significant, and members can interact, update themselves with news and accelerate their career growth by accessing the best career opportunities in the network. 

3. Anti-Money Laundering and Financial Crime (AMLFC) Institute 

The institute AMLFC collaborates with universities and professional organizations to combat financial crimes. The institute offers certifications for AML, countering the financing of terrorism, cybersecurity, Foreign Corrupt Practices Act (FCPA), fintech, and allied regulatory compliances. It also sponsors research to improve AML practices and strengthen AML compliance frameworks. 

4. Transparency International 

Transparency International works towards unraveling the widespread corruption internationally while focusing on three main activities – advocacy, research, and campaigning. The organization hosts a Global Anti-Corruption Consortium and is involved in various activities such as funding investigative journalism and analysis of financial crime. 

5. International Money Laundering Information Network (IMoLIN) 

The International Money Laundering Information Network (IMoLIN) is an internet-based network affiliated with United Nations Office on Drugs and Crimes (UNODC). IMoLIN provides eLearning resources, training courses, and access to the case-law database. It helps governments, organizations, and individuals fight the issue of black money, money laundering, and the financing of terrorism. 

10 Organizations Working to Fight Financial Crimes and Prevent Money Laundering

6. Stolen Asset Recovery Initiative (StAR)

UNODC and the World Bank fund the Stolen Asset Recovery Initiative (StAR). It is a perfect example of an international initiative and effort to fight corrupt practices. The organization plays a crucial role in recovering the assets of the victims of fraud and other financial crimes conducted by corrupt officials. The knowledge and resources by StAR guide the concerned authorities in recovering stolen or lost assets. It collaborates with developing nations’ leaders to identify and prevent money laundering practices. 

7. Association of Certified Anti-Money Laundering Specialists (ACAMS) 

The organization is one of the largest global organizations fighting financial crimes. Apart from providing certifications, the organization hosts conferences dedicated to AML compliances and regulatory frameworks. People working in the AML compliance field can enhance their knowledge and skills by becoming Certified Anti-Money Laundering Specialists (ACAMS), improving their career prospects and contributing to reducing financial crimes and their impact. 

8. Organization for Economic Cooperation and Development (OECD) 

The core power to prevent financial crimes rests with the government, and the OECD utilizes the ability of international government cooperation to fight financial crime. The organizations play a crucial role in shaping the policies that promote prosperity and prevent financial abuse. 

9.International Consortium of Investigative Journalists (ICIJ)

The ICIJ is a renowned non-profit news organization with a USA-based newsroom and a global network of investigative journalists. It is known for exposing the widespread international network of financial crime, which triggers excellent awareness on the subject and attracts worldwide attention. It collaborates with popular mainstream news organizations and is credited with unearthing the most sophisticated crimes in the history of financial crimes, such as the Panama Papers. 

10. Association of Certified Fraud Examiners (ACFE)

The Association of Certified Fraud Examiners is a global organization fighting financial fraud. It provides test preparation material and certification for becoming Certified Fraud Examiners (CFEs). The certificate states that participants have the skills to identify and prevent financial fraud. The members can access a large pool of online resources, including courses, statistics, and case studies. They can connect with other members who can hugely benefit from the annual fraud conference hosted by the ACFE Global Fraud Conference. 

Final words

The global fight against financial crimes and money laundering is endless as criminals adopt innovative ways to commit financial crimes. Many criminal networks are spread worldwide, and they keep trying to launder money and abuse the domestic and international economic systems. So, the organizations that work with determination to fight money laundering always have to work harder and be alerted to detect and deter criminals and prevent them from being successful in committing financial crimes.  

The nature of financial crimes is becoming varied, so organizations constantly need to be on their toes to identify financial crime and fight against it. The role of the organizations of those mentioned above and many other organizations in combatting money laundering and financial crimes is highly appreciable. The best way to prevent such financial crimes is to be aware of the AML rules and regulations and comply with them. Organizations should conduct regular AML training sessions for their employees, update them on the latest AML rules, and empower them with tools to identify suspicious financial activities.

Relying on AML software that considers the unique business requirements should be the way to fight financial crimes. Nowadays, the software is embedded with several advanced features that help detect any suspicious activity early and prevent financial crimes from taking place in the first place.  

An AML consultant can assist you in implementing the right AML software and getting relevant AML training. AML UAE is a leading AML consultant that offers an array of AML compliance services. You can get professional assistance setting up an in-house AML department and get the Annual AML/CFT Risk Assessment Report and AML/CFT health check. You can also rely on AML UAE for AML/CFT Policy, Controls, Procedures Documentation, AML Training, and AML software selection. 

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About the Author

Pathik Shah

CISA, FCA, CS, DISA (ICAI), FAFP (ICAI)

Pathik is a multi-disciplinary professional with more than 22 years of experience in compliance, risk management, accounting, system audits, IT consultancy, and digital marketing. He has extensive knowledge of Anti-Money Laundering rules and regulations, and he helps companies comply with legal requirements. Pathik also helps companies generate value from their IT investments.