Modern Slavery is one of the fastest growing criminal activities in the world, creating an estimated 40 million victims globally. Modern Slavery networks generate significant sums of money, including from work done by the victims. These funds represent the proceeds of crime, with approximately $150 billion in illicit proceeds being generated every year.
Financial institutions spearhead a variety of activities, from approving college loans to setting up retirement funds, but they also play an important role in bringing terrorists to justice. By partnering with law enforcement, FIs are able to complete the puzzle by exchanging information on terrorism-financing-related transactions. These public/private partnerships are countering terrorist activities effectively, especially in the UK and the US, and creating CTF models for other countries to follow.