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Article
Emerging Technologies and Financial Crime - The Tax Perspective
As technology advances and financial services become more accessible, they also create new opportunities for financial crime. The challenge lies in effectively managing these risks through a collaborative approach that includes leveraging technology, public-private partnerships, and international cooperation.
Aug 23, 2024
Kevin Newe, Assistant Director – IF Threats Lead, Her Majesty's Revenue and Customs
- The accessibility and convenience brought by modern technology in financial services also introduce new risks, such as fraud and cybercrime, which require innovative countermeasures.
- Collaborating with third-party providers and utilizing advanced data integration and analysis are essential strategies for mitigating emerging financial threats.
- Public-private partnerships, exemplified by initiatives like the Joint Money Laundering Intelligence Task Force, are crucial for effectively combating financial crime and recovering revenue.
- International cooperation is vital for addressing global financial crimes, such as tax evasion and human trafficking, necessitating extensive data sharing and joint efforts across key jurisdictions.
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