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Financial Giants Seek Action On Transaction Laundering

A group of global financial institutions wants regulators to develop a new approach to stopping transaction laundering, a “trillion dollar problem” they claim is near impossible to detect.

The Bankers Association for Finance and Trade (BAFT), an industry association of the world’s largest international banks, said policymakers should prioritise developing platforms for information sharing between the public and private sectors.

It also called for better data collection practices and regulatory classifications, as well as more effective use of emerging technology, including distributed ledger-based systems, to help financial firms identify and stop criminal activity.

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