UK Official Puts Fraud at Center of FATF’s Two-Year Agenda, Citing $500 Billion Annual Scale

A UK official said fraud will be placed at the center of the Financial Action Task Force’s (FATF) two-year agenda, citing an estimated annual scale of $500 billion. According to NS3.AI, the official, Giles Thomson, outlined a proposed response that includes using larger datasets and expanding real-time information sharing among relevant parties. The proposal also calls for faster asset recovery efforts and stronger international cooperation to address fraud more effectively.