Financial crime is a generic concept which covers a very wide range of activities designed to either hide the illegal source of money or to render it legal, or to use legal or apparently legal money to finance terrorist and other illegal activities. The financial industry is at real risk of being used by organised crime for the purpose of the laundering of money or for the financing of terrorist activities.

Both policy makers and the financial industry have recognised the need to organise effectively to take deterrent measures, to counter the threats effectively, and to have appropriate and proportionate sanctions. There is a very large number of national and international agencies which play a role in setting standards in the fight against money laundering and terrorist financing. It is vital, if effective actions are to be successful, that this work is well co-ordinated and that effective information sharing arrangements are well established.