
According to a top Interpol official, over 96 percent of the money transacted through the global banking network goes undetected, while only 2-3 percent of the estimated USD 2-3 trillion from illegal trade is tracked and returned to victims. Interpol, which collaborates with law enforcement agencies and private financial sectors across its 196 member countries, aims to combat the increasing number of fraudulent activities involving large sums of money. Interpol Secretary General Jurgen Stock emphasized the need to control the annual transactions from illegal trade by working with banking associations worldwide to establish a mechanism for transaction monitoring.
Challenges in Tracking Illegal Transactions
Stock highlighted the alarming issues related to global frauds, stating that without real-time information sharing from the private sector, it becomes increasingly difficult for law enforcement agencies to track money laundering and gains from illegal trades. He also mentioned that the use of Artificial Intelligence (AI) exacerbates the problem, as it enables voice cloning and allows criminals to reinvest substantial profits to expand their operations globally.
The Importance of Cooperation
Stock emphasized that stronger cooperation between law enforcement agencies and private sector banking groups is crucial to obtaining real-time information on illegal wealth. He cited the “Singapore Anti-Scam Centre” as an inspiring model that other countries should follow.
Overall, this information sheds light on the significant challenges law enforcement agencies face in detecting and tracking illegal transactions, and underscores the need for enhanced cooperation and technological measures to combat global fraud.