Last week in Orlando, Florida, home of Tom, Jerry and friends, there was a celebration (with cake) marking 30 years of the Financial Action Task Force (FATF), global standard-setter on anti-money laundering and financial crime. For those present at the founding of the FATF in Paris in 1989, its longevity was far from assured. But other than recognising this tri-decennial landmark of endurance, what is there to celebrate when repeated – and ever-more egregious – scandals of kleptocracy, corruption, transnational organised crime and sanctions evasion are constantly revealed? For all the self-congratulation, the threat and impact of financial crime grows at pace and at scale; the response is ponderous, politicised and inflexible, lacking imagination and ambition.

Read More