Unveiling Nasdaq's 2024 Global Financial Crime Report

Unveiling Nasdaq's 2024 Global Financial Crime Report offers a comprehensive view of the scope and impact of financial crime. Dive into the groundbreaking research initiative by Nasdaq, shedding light on the pervasive issue of financial crime on a global scale.

Nasdaq has recently unveiled its 2024 Global Financial Crime Report, a groundbreaking research initiative aimed at shedding light on the pervasive issue of financial crime on a global scale. The report, which draws on expert research, industry insights, and survivor testimonies, offers a comprehensive view of the scope and impact of financial crime.

According to the findings of the report, an alarming $3.1 trillion in illicit funds made their way through the global financial system in the previous year. This staggering figure includes approximately $800 billion from drug trafficking, nearly $350 billion from human trafficking, and over $11 billion from terrorist financing. Additionally, the report highlights that fraud scams and bank fraud schemes resulted in global losses of nearly $500 billion in 2023.

In response to these findings, industry professionals have emphasized the crucial role of technology in combating financial crime. Verafin, a Nasdaq company, has been at the forefront of this effort, providing cloud-based solutions to support financial institutions in preventing fraud and detecting money laundering. With a focus on innovative anti-financial crime technology, Verafin's artificial intelligence-driven solutions have been instrumental in helping banks optimize efficiency, automate compliance workflows, and enhance the effectiveness of anti-financial crime efforts.

The 2024 Global Financial Crime Report, produced in collaboration with Celent and Oliver Wyman, features a custom data model developed from public and private sources, interviews with anti-financial crime professionals, and the compelling stories of four survivors of financial crime. The report not only quantifies the scale of financial crime but also offers valuable insights and potential solutions to address this pressing issue.

The 2024 Global Financial Crime Report serves as a critical resource in the ongoing fight against financial crime, providing a comprehensive understanding of the challenges at hand and offering a roadmap for a more integrated approach to combatting financial criminals.