G20 Push For Faster Payments Risks Weakening Russia Sanctions
Summary
A report from the Future of Financial Intelligence Sharing (FFIS) warns that the G20's initiative to enhance cross-border payments, focusing on speed, cost reduction, and transparency, may inadvertently elevate the risks of fraud and money laundering. The organisation remarked on the disconnect between the G20's goals and considerations for economic crime security, with faster payments potentially eliminating crucial safeguards like transaction screening and payment recall before cross-border settlement. As a result, the FFIS urged for the integration of 'economic crime security by design' in the G20's payments reform policy, emphasizing a need for a cultural shift within G20 institutions to recognize economic crime security as a shared responsibility.
Link: https://www.ft.com/content/b84c4d12-0591-44c9-b49a-fe198373235a