Money laundering, the financing of terrorism, financial fraud and other financial crimes can have significant negative economic effects. Financial crimes activities severely undermine the integrity and stability of financial institutions and systems, discourage investment into productive sectors and distort international capital flows.
They may have negative consequences for a country’s financial and economic performance; they also have significant spill over effects on the capacity of financial institutions to carry on normal business activity and provide financing, in particular to SMEs in the less developed and emerging markets whereby there is a perception of higher financial crime risk.
ICC has made the fight against money laundering and terrorist financing a major priority. Leveraging our position as the leading global rules writer for international trade finance, we develop guidance for banks and industry – as well as leading industry dialogue with national and international regulators on all topics related to financial crime risk issues.