Nasdaq Verafin report finds $750B in illicit funds moved in Europe

Nasdaq Verafin has released its new report, Financial Crime Insights: Europe, which provided new analysis of the data from the 2024 Global Financial Crime Report, and industry insights from a survey of anti-financial crime professionals across Europe. It found that $750 billion in money laundering and illicit funds flowed through Europe, accounting for 2.3% of the region’s GDP.

The report highlights the significant impact of financial crime, with $194.9 billion moved across borders in 2023, emphasising the global nature of illicit financial activity.

Fraud also remains a major issue, causing $103.6 billion in losses. These crimes threaten Europe’s financial stability and have serious economic and societal consequences.

Stephanie Champion, EVP of Nasdaq Verafin, urges industry stakeholders to collaborate in combating financial crime. She emphasizes that criminals operate beyond banks, borders, and regulations, making unified action essential.