Nasdaq Verafin has published a significant report, “Financial Crime Insights: Europe,” which sheds light on the magnitude of financial crime across the continent.
Derived from the 2024 Global Financial Crime Report and supplemented by insights from anti-financial crime professionals across Europe, including the EU, UK, and Nordic regions, this analysis reveals that an estimated US$750 billion in illicit funds, representing 2.3 per cent of total European GDP, has permeated Europe’s financial systems.
The report highlights a particularly alarming aspect of this financial crime wave—US$194.9 billion of these funds were involved in cross-border transactions, underscoring the importance of international cooperation in combatting these illegal flows. The comprehensive analysis provided in the report illustrates how fraud, including various scams and bank fraud, has led to substantial losses estimated at US$103.6 billion, posing a significant threat to Europe’s financial integrity.
Nasdaq Verafin’s Executive Vice President and Head of Nasdaq Verafin, Stephanie Champion, emphasized the urgent need for collaborative efforts to strengthen financial systems across Europe. She stated, “The time is now for industry stakeholders to work together to build on the positive momentum across Europe to deliver on a step change in the fight against financial crime. Criminals are not bound by banks, borders or regulations – so by aligning on shared goals, we can strengthen economies across the region and safeguard the wider financial system from harm.”
This report not only highlights the economic and societal impact of financial crimes like elder abuse, human trafficking, drug trafficking, and terrorist financing but also outlines strategic actions to mitigate these threats. It advocates for enhanced anti-money laundering and fraud prevention efforts through innovative solutions and data-driven strategies to ensure a more secure financial ecosystem.
Nasdaq Verafin, with its robust suite of cloud-based financial crime management tools, continues to support over 2,600 financial institutions managing US$10 trillion in assets. By leveraging AI-driven solutions and a unique consortium data approach, the firm aims to improve payment fraud detection, automate compliance, and enhance the effectiveness of anti-financial crime measures.
