Financial Inclusion Crucial in Tracing Illicit Funds, Says Jordanian Official
In a panel session at the Arab Forum of Anti-Corruption Agencies and Financial Intelligence Units in Riyadh, Samya Abou Sharif, director of Jordan’s anti-money laundering unit, emphasized the importance of financial inclusion in reducing challenges in tracking illicit funds.
Law Enforcement and Financial Intelligence Units Play Key Role in Tracing Funds
Abou Sharif highlighted the significance of law enforcement and financial intelligence units in tracing funds, including their sources, transfer, and use in criminal activities. She noted that cash-based societies pose difficulties in tracking funds outside the formal banking system.
Adopting Innovation in Finance to Combat Criminal Activities
With the rapid advancements in finance, such as artificial intelligence, Abou Sharif stressed the need for capacity building in law enforcement to stay ahead of criminals. Jerome Beaumont of the Egmont Group mentioned the rise of decentralized financial spaces like cryptocurrencies and emphasized the use of new tools and technologies to track transactions.
Training and Cooperation Key in Successful Financial Investigations
Maj. Gen. Abdullah Al-Zahrani discussed the importance of training and cooperation in financial investigations. He highlighted the authority’s efforts in training personnel and collaborating with the Saudi Central Bank and other authorities to combat financial crimes.
Al-Zahrani emphasized the authority’s commitment to identifying the real beneficiaries of crime proceeds and its dedication to tackling financial corruption, a complex crime that requires close coordination and expertise.