Women in finance can work together to fight money laundering, says Iceland’s minister of justice and Lucinity
Women can work together to challenge the business of money laundering to ensure the safety of other women around the world, says Iceland’s Minister of Justice and anti-money laundering brand Lucinity.
To mark International Women’s Day, minister Áslaug Arna Sigurbjörnsdóttir and Lucinity’s Theresa Bercich are calling on women in the banking sector, in government and finance media to end the $2 trillion business of money laundering that disproportionately impacts women by funding crimes such as human trafficking. According to UN Women
, 72% of the victims of human trafficking and forced sex work are women.
The Make Money Good initiative urges women in positions of power and working in finance to push for greater transparency and the adoption of new technology to anti-money laundering.
“There are gaps in the collaboration between nations and financial institutions that can effect or hinder the exchange of data and learnings for the greater good - and this impacts women across the world,” said Áslaug. “If we unite and use our collective voice, we can establish better systems within banking and regulation, and develop a more progressive approach to money laundering to stop these horrendous crimes against women.”
Theresa Bercich, principal data scientist at Lucinity, commented: “Money laundering feeds some of the worst crimes against humanity and women are more vulnerable to these crimes. On International Women’s Day we want women in government and working in finance to challenge the way we look at anti-money laundering and drive genuine change in the industry.
The initiative has been developed by The Brooklyn Brothers and partner agency Golin as part of Lucinity’s longer-term Make Money Good campaign.
“Women around the world can be the catalyst to ensure banks can be more open and transparent with customers – and to collaborate with other banks to push things forward." added Áslaug. "‘Is my money being used to fund organised crime? Am I unintentionally supporting these horrific crimes against women?’ Challenge can lead to change, and everyone can play a part.”
Áslaug led Iceland’s transparency and technology-led approach against terrorist financing and money laundering after the country was placed on the Financial Action Task Force grey list in 2019, and thanks to her response Iceland has introduced progressive and extensive reforms in the fight against financial crime. Iceland’s cause has been helped by companies such as Lucinity, which helps banks move from old systems to new software that uses AI to assess more cases and catch crime, more efficiently.
“Women in Iceland have a history of instigating change, and Áslaug and I want to harness that spirit to make a positive difference in both banking and wider society. If all women in government, all women in financial institutions and female customers of banks call for greater transparency in anti-money laundering, then we really could make money good.”