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Thomson Reuters World-Check
Highly structured quality risk intelligence from a trusted global brand,
committed to help business fght fnancial crime.
risk.tr/worldcheck
S066320/4-18
For those forced into slave labor by
criminals infltrating supply chains,
or the victims of sex traffcking
gangs who launder their profts
through the fnancial system, the
cost is catastrophic. For others, it is
wrongly seen as a victimless crime,
only impacting big businesses, and
even having benefts for some such
as cheaper goods. Organizations
are paying a heavy fnancial cost,
collectively spending billions trying
to prevent fnancial crime, yet they
are seeing ever greater amounts
disappear from their businesses
as a result of money laundering, fraud,
theft and corruption. At a national
level, revenues lost through fnancial
crime mean governments collect less
tax revenues and fewer schools and
hospitals are built, causing disarray
due to the criminal and terrorist
activities it funds.
At Thomson Reuters we are
committed to uncovering the true
scale of the challenge to raise
awareness and create the data and
coalitions that will increase our ability
to fght fnancial crime together,
more effectively around the world.
To this end, we have commissioned
an independent survey of over
2,300 senior executives in large
companies, across 19 countries,
to identify the true cost of the problem.
We also conducted interviews with
leading NGOs (Education Endowment
Foundation, Transparency International
UK, Walk Free Foundation) and the
European Union’s law enforcement
agency to reveal the wider economic,
social and human impact.
Finally, we identifed ways in which
business, governments and Thomson
Reuters are working together to lead
the fght against fnancial crime.
Revealing the
true cost of
fnancial crime
Phil Cotter
Managing Director, Risk,
Thomson Reuters
INTRODUCTION
Financial crime is multi-faceted, multi-national
and very often invisible, making it hard
to identify, measure and combat. Its impact
is felt in many ways.
Join the conversation: #FightFinancialCrime
REVEALING THE TRUE COST OF FINANCIAL CRIMEWhat is fnancial crime
The usual focus of fnancial crime is on the illicit money
fows from crimes such as money laundering, bribery and
corruption that support human abuses including modern
slavery, drug traffcking and prostitution. For the purpose
of this report we have taken a wide defnition covering all fnancial
crimes, which goes beyond those with which Thomson Reuters
is traditionally involved, to provide as complete a picture
as possible on the social and fnancial impact:
About this survey
This report is based on research
commissioned by Thomson Reuters that was
conducted online by an independent third
party in March 2018. A total of 2,373 senior
managers at large global organizations
completed the survey.
2,373
RESPONDENTS
$17.4BN
AVERAGE ANNUAL
TURNOVERCOUNTRIES
100%
SENIOR
MANAGEMENT/
C SUITE
This research was conducted across 19 countries, but the research shows
that the survey respondents are global. Weighting was applied to each
country to ensure each was equally represented. Please note that the
standard convention for rounding has been applied, and consequently
some totals do not add up to 100%. The country-specifc breakdown
of companies surveyed is as follows:
USA 240
Canada 120
China 120
India 120
Singapore117
Australia 119
UK120
Germany120
The Netherlands109
Spain120
France 120
Russia 120
Poland120
UAE 119
Saudi Arabia 120
South Africa123
Nigeria107
Brazil119
Mexico120
OF ANNUAL TURNOVER
COMBATING FINANCIAL
CRIME
3.1%
RESPONDENTS
SPEND ON AVERAGE246
Fraud
Money laundering
Theft
Bribery & corruption
Cybercrime
Slavery/human traffckingREVEALING THE TRUE COST OF FINANCIAL CRIME。