Author: By Aaron Thegeya

Combating financial crimes in digital fast payment systems

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Financial crimes exert enormous direct costs on society by supporting a wide range of criminal predicate offences, including fraud, trafficking, illegal trade in arms and terrorism. Such crimes encompass corrupt activities that contribute to significant direct and indirect economic costs on society by diverting funds earmarked for public investment or social programmes away from their intended purpose. In addition to illegal activities, legal and illicit activities, such as tax avoidance, transfer pricing and profit shifting, undermine the delivery of public services. These activities are supported by money laundering, which is critical to mask the source and intended recipient of the…

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