Article 75: A new opportunity to fight crime more effectively

Despite significant global efforts and investments to combat financial crime, estimated at $85 billion in EMEA alone, the recovery rate of illicit financial flows remains low, with the United Nations Office on Drugs and Crime estimating that less than 1% of global illicit financial flows are recovered annually. This stark imbalance between resources deployed and outcomes achieved highlights the need for a paradigm shift in tackling financial crime.

A major obstacle is the siloed nature of current systems, which criminals exploit to their advantage. They operate across borders and institutions, taking advantage of the limited collaboration and information sharing capabilities among law enforcement and financial institutions.

To counter this, fostering collaboration and information sharing within the ecosystem is crucial. This requires building trust, providing incentives, demonstrating strong leadership, and establishing a clear legal framework for data sharing.

The EU's latest AML package, specifically Article 75 of Regulation (EU) 2024/1624, presents a significant step towards this goal. It aims to facilitate innovation and enhance cross-sector and cross-border information sharing through dedicated partnerships. This paper will delve deeper into Article 75 and explore the opportunities it offers in combating financial crime.