Finextra – Global Fight Against Trade-Based Financial Crime, Sep 2024

The September 2024 Finextra report, in collaboration with Eastnets, explores global strategies against trade-based financial crime (TBFC), focusing on challenges and technological solutions. This report highlights how TBFC, costing the global economy $1.6 trillion annually, impacts economic stability by diverting resources into illicit networks. Findings indicate that 42% of financial institutions struggle with internal fragmentation, complicating TBFC risk management. Many banks are turning to AI and automation to improve detection of suspicious trade activities, although implementation barriers remain high. Key recommendations include enhancing data integration and adopting AI solutions to better detect and address financial crime on a global scale