It has taken a war to trigger it, but anti-financial crime is finally moving up the governance agenda for companies and investors.
Organisations must already comply with a slew of regulations aiming to identify and prevent financial crimes such as corruption, money laundering and fraud. But until recently, anti-financial crime (AFC) was not a strong part of governance frameworks, say experts.
This is despite six of the 36 consensus measures of governance relating directly to financial crime, according to data firm Clarity AI. Consultant Deloitte says companies should also see AFC as part of their ESG strategy because it plays a critical role in stopping heinous crimes such as human trafficking and terrorism.