It’s a sobering thought that if laundered funds were GDP, then money laundering would represent the third-largest country in the world. Perhaps even more sobering that only 1% of these funds are ever actually recovered.

Effective, efficient, and secure information sharing is critical in the fight against this activity and it was the topic of a webcast chaired by Managing Director Tom Scampion with Karen Baxter, Managing Director Intelligence Strategy at UK Finance, James Dipple-Johnstone, Deputy Commissioner and Chief Regulatory Officer at the ICO and John Cusack, Chair of the Global Coalition to Fight Financial Crime.

Converging these three perspectives delivers a reassuring sense of striving towards a common goal—the pursuit of greater effectiveness and efficiency and protection of all nations and their many individual communities from harm.

The discussion also highlighted significant levels of asymmetry, though, between public and private sector, across multiple jurisdictions and at a technological level.

As economic crime and the digital exchange of information industrializes globally, it is clear that from a law enforcement perspective and in the private sector, information sharing frameworks require a significant overhaul if our operating environment is to keep pace with ever more sophisticated criminal activity.

Watch the full panel discussion below.