Navigating the Nexus of Financial Crime Prevention and Financial Inclusion in the Age of Technology and FinTech

Financial crime, including money laundering, terrorism financing, and fraud, is a growing concern in the Asia-Pacific region, where rapidly-evolving financial sectors, the rise of fintech innovations, and cross-border transactions create an attractive target for illicit activities. The region's diverse economies, coupled with varying levels of regulatory maturity, have highlighted the need for robust, harmonised efforts to combat these threats.
 
As fintech continues to transform financial services, ensuring that these innovations do not become enablers of financial crime is critical. The Financial Action Task Force (FATF) recommendations provide valuable guidance for countries to establish comprehensive frameworks that safeguard financial systems while adhering to international standards. However, policymakers and regulators in the region face significant challenges in translating these global recommendations into effective, context-specific regulations. These challenges include balancing the need for stringent compliance with the risk of unintended consequences, such as de-banking and financial exclusion, which could harm vulnerable communities and businesses.
 
In collaboration with Griffith University’s Academy of Financial Crime Investigation and Compliance, the Griffith Asia Institute has teamed up with the International Law Institute and the Asian Development Bank Institute to host a roundtable dialogue that will bring together policymakers, regulators, fintech innovators, and financial service providers from across the Asia-Pacific region to address the pressing issue of financial crime, including the emerging risks posed by fintech developments, and the ongoing efforts to align with FATF recommendations. This event aims to foster a collaborative environment where participants can exchange insights and best practices on how different countries are implementing these global standards. By building the capacity of regulators and policymakers to effectively implement FATF recommendations, this roundtable will also focus on mitigating unintended negative impacts. Through open dialogue and knowledge sharing, it will strengthen cross-country cooperation, promote effective regulatory approaches, and identify solutions that strike a balance between security, fintech innovation, and financial inclusion in the Asia-Pacific region.