FATF Chair Elisa de Anda Discusses the Global Fight Against Financial Crime and the Role of Academia
On January 14, 2025, the Georgetown Americas Institute and Transcrime - Università Cattolica del Sacro Cuore hosted the first of three virtual seminars addressing the multifaceted issue of money laundering.
The first event featured Elisa de Anda, president of the Financial Action Task Force (FATF), for a compelling discussion on global efforts to combat financial crime, the importance of international cooperation, and the role of academia in strengthening these initiatives. The event was introduced by GAI Founding Director Alejandro Werner and moderated by Roberto de Michele, formerly of the Inter-American Development Bank, and it covered different areas of FATF’s work, including money laundering, terrorism financing, and how countries collaborate to address these challenges.
Global Cooperation in Combating Financial Crime
De Anda began by emphasizing the critical role of international collaboration in the fight against financial crimes like money laundering and terrorism financing. She highlighted the significant improvements made over the years, noting how countries across the globe, including those in Africa, are sharing more information and working together to combat financial crime. According to de Anda, this level of cooperation has made it harder for criminals to launder money across borders and has ultimately led to more effective global measures.
She pointed to the success of financial intelligence units (FIUs) as a prime example of how international cooperation can work. Primarily national entities, FIUs are responsible for collecting and analyzing financial data to identify suspicious activities. De Anda explained that the exchange of intelligence between these units has greatly contributed to identifying and disrupting illicit financial flows. In her view, this represents a major success in the ongoing battle against financial crime, one that has strengthened over the past decade.
De Anda also addressed the evolving nature of global financial regulation. She pointed out that years ago, it was much easier for individuals and organizations to conduct illicit transactions without much oversight, citing the example of credit card payments in many countries where no questions were asked. Now, however, financial institutions have implemented stronger anti-money laundering (AML) measures, making it significantly more difficult for criminals to use the financial system for illicit purposes. Despite the progress, she acknowledged that challenges remain, particularly in regions with less developed financial infrastructures.
The Impact of Financial Crime Controls on Development
One of the central themes of the discussion was the impact that financial crime controls can have on a country’s economic development. De Anda urged the academic community to examine the effects of increased financial transparency on national economies, particularly in countries that were once considered financial havens. She pointed out that many nations previously criticized for lacking financial controls have now embraced transparency and are reaping the benefits, including more transparent investments and greater access to global financial markets.
She gave examples of countries that had undergone the transition from “financial paradises” to more transparent and secure jurisdictions for investors. These countries, de Anda argued, are now able to attract cleaner investments because investors feel assured that their funds are being managed properly and not exposed to corruption or fraud. This shift is crucial in ensuring that global financial systems are secure and conducive to sustainable economic development.
De Anda also mentioned that countries who strengthen their anti-corruption and anti-money laundering frameworks are eligible for assistance from major financial institutions like the International Monetary Fund (IMF) and the World Bank. She observed that these countries can access better credit and funding opportunities, as they have proven that their public procurement systems and financial management frameworks can handle investments responsibly.
The Role of Academia in Strengthening Global Efforts
As the conversation turned to the role of academia, de Anda welcomed deeper engagement from researchers and scholars to study and evaluate the effectiveness of FATF’s initiatives. She acknowledged that FATF’s work is sometimes understudied, and there is great potential for academics to help refine and improve global financial regulations by providing valuable data and analysis. She urged the academic community to focus on measuring the real-world impact of anti-money laundering measures, particularly in terms of their contribution to national development.
One area that de Anda highlighted as ripe for academic inquiry is how financial crime control measures impact a country’s ability to attract investment. She suggested that researchers should explore how increased transparency, coupled with rigorous financial regulations, could lead to long-term benefits for developing nations.
"We cannot leave anyone behind in this fight, and in particular areas like Africa, we are seeing how countries with stronger financial controls are now able to receive more resources and investment."- Elisa de Anda
De Anda also called for a continued examination of international cooperation in financial crime investigations. She mentioned the Egmont Group, a coalition of FIUs, as an example of successful international collaboration, noting that it serves as a model for how law enforcement can share intelligence and tackle financial crime more effectively.
Q&A Session
During the Q&A portion of the event, de Anda expanded on the challenges surrounding the time lag in international investigations. She acknowledged that one of the major bottlenecks in criminal investigations is the lengthy process of obtaining evidence for trials, often taking six months to a year and a half to gather the necessary data. She expressed hope that more efficient systems and better international cooperation could help streamline this process.
The audience also inquired about the future role of financial intelligence and data sharing. De Anda encouraged scholars to study the role of technological innovations in improving global cooperation, suggesting that emerging technologies could offer new solutions to some of the obstacles currently faced by financial intelligence units. Finally, she reiterated her commitment to continued engagement with the academic community, urging scholars to contribute to the ongoing development of financial crime prevention. She emphasized that FATF remains open to constructive feedback and collaboration with researchers and institutions working on related topics.