26th Parliamentary Intelligence-Security Forum – Illicit Finance
Hon. Jerome Beaumont acknowledged the vast and growing scope of illicit finance, quoting United Nations estimates of two to five trillion USD laundered annually. Hon. Beaumont delved into the challenges posed by money laundering through trade and emphasized the evolving landscape of illicit finance, specifically mentioning the impact of Web 3 technologies, including cryptocurrencies and NFTs (non-fungible tokens). He shared a personal experience of exploring crypto transactions and NFTs, highlighting the potential for money laundering in this space. Hon. Beaumont stressed the urgency of addressing money laundering, emphasizing the importance of tracking, confiscating criminal proceeds, and using recovered funds to address social issues caused by criminal organizations. He underscored the need for robust international cooperation, involving Financial Intelligence Units (FIUs), and called attention to the chronic under-resourcing of FIUs globally, urging parliamentarians to address this critical problem in their respective countries. Hon. Beaumont concluded by encouraging a comprehensive review of FIUs’ resources, autonomy, and capabilities, especially in upcoming budget proposals.
