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Emerging Technologies and Financial Crime – The Tax Perspective
Examining how partnerships between the public and private sector can help both sides to effectively combat financial fraud, as a collaborative approach to sharing knowledge, experience and technology can help to ensure emerging risks are prevented or mitigated early. · Advances in technology enhance financial convenience and inclusion but also heighten risks of financial crime. · Criminals exploit democratized financial services via fraud schemes, social media, and unregulated fi
Aug 05, 2024
Kevin Newe
Kevin Newe, Assistant Director – IF Threats Lead, Her Majesty's Revenue and Customs
Emerging Technologies and Financial Crime – The Tax Perspective
The views and opinions expressed in this content are those of the thought leader as an individual and are not attributed to CeFPro or any other organization

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.

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