Fighting Financial Crime Requires Smart Approaches and Cooperation
On September 24-25, 2024, the Estonian Academy of Security Sciences hosted the international conference "How to Fight Financial Crime: New Opportunities and Approaches." Renowned scholars and experts presented diverse perspectives on the issue.
In his opening speech, Rector Kuno Tammearu emphasized that financial crime is on the rise globally, and combating it requires strong cooperation between countries and across various sectors. "I am pleased that this conference has brought together experts from around the world, allowing us to collectively reflect on the threats and solutions related to financial crime," said Tammearu.
The first day of the conference focused on international lessons and innovations in the fight against financial crime. Participants stressed the importance of curbing fraud and illegal financial flows—an undoubtedly challenging task in a globalized world but not an impossible one. Speakers highlighted the critical role of international cooperation, technology, and data analysis in this fight. Strengthening legal frameworks and improving regulations are also essential to ensure a more effective and just response to money laundering and corruption.
"Legislation alone is not enough to combat money laundering—independent authorities with the courage to act, even when corruption networks reach the highest levels of government, are also needed," emphasized Professor Liz Dávid-Barrett from the University of Sussex in her presentation on high-level financial crime and state capture.
The second day centered on practical solutions for combating financial crime. Presentations provided specific ideas and tools valuable for both governmental institutions and private sector organizations. The role of the third sector and civil society in fighting financial crime was also highlighted—an area that requires further attention in Estonia. Key topics of the day included cooperation, technological solutions, and international initiatives that offer innovative ways to detect and prevent financial crimes. Speakers reiterated that cross-sector collaboration and the creation of reliable technologies and communities are crucial to curbing financial crime.
The conference was co-financed by the European Union as part of Project ISF.1.03.23-0011 "Competence Center of the Estonian Academy of Security Sciences" (01.01.2023–31.08.2029).