RIGA, Jan. 21, 2024 — More than 300 global financial officials and experts converged in Riga, Latvia, on Wednesday to address a growing concern: how to fortify the international financial system against increasingly sophisticated criminal activity. It’s a conversation that feels particularly urgent right now, as geopolitical tensions and technological advancements create new avenues for illicit finance.
Combating Financial Crime: A Global Push for Security
An international conference in Latvia focused on strengthening cooperation to safeguard the world’s financial infrastructure.
- The conference underscored the critical link between financial crime prevention and both economic growth and national security.
- Participants emphasized the importance of maintaining access to payment systems, especially for smaller, export-driven economies.
- Latvia’s Financial Intelligence Unit hosted the event, signaling a commitment to international collaboration.
What are the biggest threats to the international financial system today? Experts at the conference pointed to a complex landscape of challenges, including money laundering, terrorist financing, and the rise of cybercrime targeting financial institutions.
Martins Kazaks, Governor of Latvia’s central bank, Latvijas Banka, articulated a stark reality: effective measures against financial crime aren’t simply good economic policy—they’re fundamental to national security. He stressed that for smaller economies heavily reliant on exports, uninterrupted access to payment systems and a stable financial environment are non-negotiable.
The International Conference on Combating Financial Crime, organized by Latvia’s Financial Intelligence Unit (FIU), brought together officials and specialists from dozens of nations. The event served as a platform for sharing best practices, discussing emerging threats, and forging stronger collaborative partnerships to counter financial wrongdoing.
The discussions in Riga highlighted a growing consensus: tackling financial crime requires a coordinated, international approach. No single nation can effectively combat these challenges alone.
