Interpol Says Only 2-3% Recovered From $2-3 Trillion Annual Illegal Trade Through Banking

Interpol Says Only 2-3% Recovered From $2-3 Trillion Annual Illegal Trade Through Banking

Interpol works with law enforcement agencies and private financial sectors in its 196 member countries and aims to control the growing frauds involving large volumes of money across the world of illicit traders.

PTIUpdated: Wednesday, March 27, 2024, 05:00 PM IST
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Over 96 per cent of the money transacted through the global banking network is not detected and only 2-3 per cent of the money of the estimated USD 2-3 trillion illegal trade is currently tracked and returned to the victims, a top Interpol official said on Wednesday.

Interpol works with law enforcement agencies and private financial sectors in its 196 member countries and aims to control the growing frauds involving large volumes of money across the world of illicit traders, covering drugs, trafficking in human, arms and financial assets, Interpol Secretary General Jurgen Stock told reporters here.

Control Illegal Trade

To control the annual transactions of a widely estimated USD 2-3 trillion from illegal trade through the global banking network, "We are talking to banking associations around the world to set up a mechanism to check on transactions," he said.

"Only two to three per cent of the money is currently tracked and returned to the victims. Over 96 per cent of the money transacted through the global banking network is not detected and between 40 per cent and 70 per cent of the profits are reinvested," he said of the financial prowess of the criminal world.

AI and Fraud

Raising alarming issues related to global frauds, Stock said that unless real-time information is shared by the private sector, it is becoming a daunting task for law enforcement agencies to track how money laundering and gains from illegal trades are transacted with just a click on the computer.

Artificial Intelligence (AI) is making it worse, which among other fraud-creating elements, allows voice cloning and criminals around the world are re-investing huge profits to expand their capacities and capabilities across the globe, he said.

Stock, who attends forums and conferences on frauds and cyber security, stressed that stronger cooperation between law enforcement agencies and private sector banking groups is key to gaining real-time information on illegal wealth.

He cited the inspiration of the "Singapore Anti-Scam Centre," and said, it is a model that other countries should follow.

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