The rapid advancement of technology has transformed the financial landscape, enhancing convenience and inclusion while introducing significant financial crime risks.

Kevin Newe of the UK's HMRC highlights that increased accessibility through technologies like mobile payments enables both positive engagement and criminal exploitation through fraud schemes and unregulated financial practices.

Public-private partnerships and international cooperation, such as the Joint Money Laundering Intelligence Task Force, are crucial for mitigating global financial crime.

Economic instability from events like Brexit and the Ukraine conflict exacerbates these challenges, necessitating a balanced approach to compliance.

Effective communication and a shared mission between HMRC and the private sector are vital for successful financial crime prevention and mitigation.