AFC in Practice - How Strategic Corruption May Impact Financial Institutions

Overview

The U.S. Strategy on Countering Corruption, unveiled in December 2021, vowed to shore up globally coordinated efforts to “identify, track, and disrupt illicit finance and other illicit activity, kleptocracy, and strategic corruption in priority countries.” Several months later, after Russia had launched its all-out invasion of Ukraine, U.S. President Joe Biden and European Commission president Ursula von der Leyen jointly pledged to combat Moscow’s strategic corruption and kleptocracy. The rise of strategic corruption, backed by the full arsenal of powerful state actors, represents a sizeable threat not only to trust in government and society at large, but also to the integrity of the global financial system. In this webinar, we will try to explain why financial institutions need to understand their exposure and how to equip themselves with policies, procedures and tools to deal with this mounting threat.