In 2023, $750 billion, or 2.3% of the EU's GDP, was laundered through the EU.
01/04/2025
The latest report from Nasdaq Verafin, titled Financial Crime Insights: Europe, reveals the staggering scale of financial crime across Europe.
The Financial Crime Insights:
- In 2023, an estimated $750 billion in illicit funds flowed through the continent's financial system, equivalent to 2.3% of the continent's GDP.
- Europe report also reveals that $3.1 trillion was laundered globally in 2023. Remarkably, nearly a quarter of that total is linked to Europe, despite the region accounting for less than 10% of the world’s population.
The estimated EU breakdown includes the following:
- $178 billion from drug trafficking
- $82 billion from human trafficking
- $2.7 billion from terrorist financing
- $487 billion from other illicit activity (including organised crime, fraud, and corruption)
The report highlights several key points:
- Cross-border transactions: More than a quarter of the laundered funds, approximately $194.9 billion, were moved across borders.
- Fraud losses: Europe faced $103.6 billion in losses due to various scams and bank fraud scenarios.
- Economic and societal impacts: Financial crimes such as elder abuse, human trafficking, drug trafficking, and terrorist financing have serious repercussions on Europe's economy and communities.
The report emphasises the urgent need for:
- Enhanced public-private collaboration
- Coordinated cross-border responses
- Advanced technology to detect and prevent financial crime
References
- https://finance.yahoo.com/news/nasdaq-verafin-report-finds-750-060000878.html
- https://verafin.com/financial-crime-insights-europe/?src=pressrelease
- https://www.nasdaq.com/global-financial-crime-report?src=pressrelease?src=pressrelease
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.