Deputy Assistant Secretary
***”…healthy financial sectors, effectively protected from abuse, bring increased investment and business”***
The Financial Crime Forum Asia Pacific is being held this week in Hong Kong. The event has attracted speakers from governments and the private sector, presenting on a range of topics of importance to those engaged in combating financial crime.
Speaking today at the opening, the US Treasury’s Deputy Assistant Secretary (Terrorist Financing and Financial Crimes) Daniel Glaser spoke to the importance of collaborative efforts to create highly effective Anti-Money Laundering /Counter-Financing of Terrorism (AML/CFT) regimes.
*”The international financial system is constantly evolving and becoming increasingly complex, and over time we have seen the creation of innovative financial products that better allow us to conduct international commerce. In that same time, we have seen that these same products and services provide an opportunity for criminals, terrorists and other bad actors to exploit the international financial system to facilitate their nefarious agendas.”* In this connection, the DAS pointed to online and remote banking, stored value cards, electronic payment systems, and other mechanisms that can pose a regulatory and enforcement challenge.
Another important evolution within the international financial system is that financial policy makers have become integral to discussions on national and international security. Finance Ministries throughout the world, said Mr Glaser, must now accomplish the dual mission of fostering healthy and vibrant environments for international finance and commerce, as well as protecting that system from abuse. This shift has seen Finance Ministries not only reacting to threats to the international financial system through defensive and protective measures, but also taking the lead in identifying threats to the international financial system, and the necessary proactive steps to combat those threats.
Mr. Glaser concluded his remarks with the acknowledgement that this era requires that finance ministries, financial regulators, and financial institutions themselves seek out threats to the international financial system, and ensure such threats are effectively isolated. *”Through our collaboration, we can continue to build strong financial markets and an international financial system that works transparently and is accountable to all its stakeholders.”*
**The Society of Anti-Money Laundering Professionals** (SocAMLPro) is being launched during the Forum. The Society will provide an international forum for counter-money laundering professionals to exchange views, to encourage professionalism amongst the community and to provide training and recognition of the skills and knowledge of members.