Follow the Money: Rethinking Geographical Risk Assessment in Money Laundering
A data-based geographical risk assessment could lead to a more targeted use of resources, making the fight against money laundering more effective.
The new EU Money Laundering Regulation (EU 2024/1624) defines financial secrecy as a geographical risk factor that entities must consider when applying customer due diligence obligations to customers from third countries.
Financial secrecy arises when countries hinder information exchange, do not maintain beneficial owner registers, or have strict banking secrecy.
These factors overlap with the Financial Secrecy Index indicators, allowing for a more evidence-based and less politically biased assessment of geographical risks in money laundering prevention.
Author's summary: Rethinking geographical risk assessment in money laundering.
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