Financial Crime: Money laundering, terrorist financing, fraud, and bribery & corruption
Geography Covered: Global | Duration: 35 minutes
This Financial Crime course analyses financial crime topics, including money laundering, terrorist financing, fraud, and bribery and corruption. The course raises awareness of financial crime risks, laws and regulations, and systems and controls aimed at detecting and preventing such criminal acts. The course is available in six versions adapted for various regional laws and jurisdictions.
With the increased globalization of the world economy, governments have intensified their response to financial crime, such as money laundering, terrorist financing, fraud, and bribery and corruption. Additionally, legislators and regulators have become more concerned about insider trading and market manipulation practices, and the effects financial crime can have on the integrity of markets.
Recognizing the need for a global solution, the Financial Action Task Force (FATF), an international organization, was created to issue anti-money laundering and counter-terrorist financing recommendations for its member countries. In response, countries around the world have enacted legislation regulating financial crime. While the laws of each country may vary in scope and reach, the types of corrupt activities they prohibit are quite similar. Organizations need to be aware of and comply with these directives, and train all employees to understand applicable laws and recognize potential financial crime. Those that do not can suffer significant financial and reputational damages.