RUSI conference addresses changing dynamics of finance and security

Conference convened senior policymakers, private sector representatives and experts from academia and Think Tanks to discuss the evolving dynamics at the intersection of finance and security, including rising geopolitical fragmentation, technological advancements, economic crime and the illicit finance threats posed by both state and non-state actors.

Reflecting on the importance of international action to tackle financial crime, Kinga Redlowska (head of CFS Europe) observed: “Illicit finance isn’t theoretical. Rather, it’s real, urgent and deeply personal. We’re proud to play even a small role in this fight and will not stop until justice prevails for Ukraine and all who believe in financial integrity as a force for security and peace.”

Speakers involved in the panel debates and participants in one-on-one discussions argued that, while technological change has equipped criminals with new tools, it can also be harnessed to tackle crime more efficiently by, for example, establishing more refined screenings for terrorist financing.

Panel members discussed how the existing anti-financial crime ‘order’ is being challenged by geopolitical fragmentation and also how Western allies should respond to the growing use of finance as a dimension of state-based threats.

Understanding the fraudsters

Further discussions focused on understanding the mind of fraudsters and on NGOs’ role in the fight against human trafficking.

An holistic approach towards defending democracies from illicit finance was highlighted by Juan Zarate from the National Endowment for Democracy’s Board of Directors in his closing keynote address. Zarate noted: “We are in an environment of conflict and competition. We cannot view sanctions, anti-money laundering, anti-corruption and export controls as separate disciplines. They are part of a parcel of tools that the Western World must use to defend national economies and counter state and non-state threats.”

Conference reflected on the Centre for Finance and Security’s decade of impactful research and charted the way forward for addressing urgent and rising challenges.

In closing proceedings, Tom Keatinge (director of the Centre for Finance and Security at RUSI) commented: “There’s a financial thread through security threats in a way that I think we often overlook. Our role at the Centre for Finance and Security is to shine a light on that thread. We must absolutely strive to be creative in the way that we think about finance and security.”

*Further information is available online at www.rusi.org