Insights

THE FUTURE OF FINANCIAL INTELLIGENCE SHARING

Five Years of Growth of Public-Private Partnerships to Fight Financial Crime

Oliver Wyman is proud to be a sponsor of the Future of Financial Intelligence Sharing initiative (FFIS) and its most recent report “Five years of growth in public–private financial information-sharing partnerships to tackle crime.”

In five years, from 2015 to 2020, the concept of intensive cooperation between public agencies and private financial institutions to detect crime has moved from an outlying innovation in the U.S. and the UK, to become a mainstream component of how advanced liberal democracies tackle financial crime.

This report charts the rise of this phenomenon and includes a comprehensive description of national and trans-national public– private financial information-sharing partnerships worldwide. This study is the product of a survey of 23 financial information-sharing partnerships. Collectively, these partnerships cover financial crime threats as diverse as organ trafficking and the illegal wildlife trade, to terrorist financing.

These threats are now being addressed in collaborative, though somewhat exclusive, forums that bring major financial institutions into close dialogue with law enforcement and intelligence agencies to detect, disrupt and prevent underlying crime. Such partnerships can support the sharing of tactical information, to enhance ongoing law enforcement investigations, and, at a strategic level, can enable the exchange of insights relating to financial crime threats and risks.

At the strategic level, partnerships collaborate to develop financial crime typologies (sometimes referred to as ‘alerts’ or advisories) and to co-develop, test and refine financial indicators to improve regulatory reporting from the private sector.