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Tackling Money Laundering: Towards a New Model for Information Sharing

Clare Ellis and Inês Sofia de Oliveira
Occasional Papers, 22 September 2015
Centre for Financial Crime and Security Studies, National Security and Resilience Studies, Organised Crime
A new, effective model for information sharing based on a clear legal framework, improved resourcing and facilitated co-operation between public and private sectors and internationally is needed

On 26 and 27 May 2015, RUSI welcomed over seventy participants from Europe, North America and Australasia to a discussion on ‘Tackling Money Laundering: Towards a New Model for Information Sharing’. The principal aim was to promote partnership-oriented, innovative and targeted strategies to enhance current practices and develop a new model for information exchange. Participants focused on the challenges associated with sharing information in complex, multi-jurisdictional money-laundering investigations.

Information sharing was seen as a fundamental tool for effectively tackling illicit financial flows; however, it was equally agreed that current governance models require additional debate and improvement. The ultimate result of barriers to improved information sharing is limited impact and poor efficiency in the fight against illicit finance. The resources and intelligence available within the private sector, within public bodies and across jurisdictions are rarely used to maximum effect.

Based on the conference discussions, the authors advocate the establishment of a new model for information sharing that is guided by the principle of effectiveness and based on three pillars: a clear legal framework; improved resourcing; and facilitated co-operation between public and private sectors and internationally.

Implementing the paper's eleven recommendations would increase effectiveness in the global fight against financial crime and represent significant strides towards a new model of information sharing based on public–private co-operation.

About the Authors

Clare Ellis is a Research Analyst in the National Security and Resilience Group at RUSI. Her research interests include counter-terrorism, organised crime and security-sector reform in post-conflict states. She is also interested in the changing demands on UK policing, including its role within the national-security framework and as part of international-development missions.

Dr Inês Sofia de Oliveira is a Research Fellow with the Centre for Financial Crime and Security Studies at RUSI. Her research interests include the international regulation of money-laundering activities and financial crime, the financing of terrorism and proliferation finance, as well as illicit trafficking. Prior to joining RUSI, Inês lectured on International Relations and International Law at the University of St Andrews and the University of Edinburgh. Previously, Inês worked in Brussels in public affairs dealing with European law, public policy and governance.

Author

Inês Sofia de Oliveira
Associate Fellow, Centre for Financial Crime and Security Studies

Inês is a researcher and analyst on financial crime. As a RUSI Associate Fellow Inês contributes to the work of the Centre for Financial... read more

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