The Wolfsberg Group, an association of thirteen global banks which aims to develop frameworks and guidance for the management of financial crime risks, recently published a paper entitled ‘Effectiveness through Collaboration’, which reinforced the message that effective anti-money laundering programs require collaboration with the public sector, including law enforcement. Public-Private Partnerships (PPPs) often provide the most impactful opportunity for financial institutions to collaborate with public-sector entities on financial crime risk management.
"This focus on improving the outcomes of collective investments in fighting financial crime will boost the efforts of law enforcement and will increase the effectiveness of AML/CTF programmes – ultimately benefitting public sector participants, private sector stakeholders, and society at large," Wolfsberg writes.
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