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Recent Editions
Risk Channel
North America
Organized crime rings have expanded from Southeast Asia to form a global network, making up to $3 trillion a year, according to the head of Interpol. The pandemic has fuelled an "explosion" of human trafficking and cyber scam centers, and these crime groups are now operating at an unprecedented scale, Interpol secretary-general Jurgen Stock told a briefing at the global police coordination agency's Singapore office. The cyber-scam centers, often staffed by trafficked individuals, have helped criminal groups diversify their revenue from drug trafficking. Drug trafficking still contributes a significant portion of their income, but they are also involved in trafficking of human beings, arms, intellectual property, and stolen products. Interpol estimates that $2 trillion to $3 trillion in illicit proceeds flow through the global financial system annually. Last year, over 100,000 people were trafficked into online scam centers in Cambodia, and Myanmar handed over thousands of fugitive Chinese telecom fraud suspects to China. Singapore was praised for uncovering a money laundering case involving over S$3bn in seized assets.
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UK/Europe
The Bank of England has warned that the UK faces growing risks from weaknesses in the global financial system. The Financial Policy Committee (FPC) said some global risks to financial stability have increased since its December meeting, including a rise in political tensions. The FPC said that while prices of assets such as shares and bonds have risen, leading to higher valuations, economic conditions remain challenging. Noting the risk of a “sharp correction,” the committee warned that investors may be “putting less weight on risks to growth or the path of interest rates necessary to bring inflation back to target sustainably.” Private equity could be particularly vulnerable to a fall in asset prices, BoE officials warned, saying; “The extent of transparency around asset valuations, overall levels of leverage, and the complexity and interconnectedness of the sector make assessing financial stability risks difficult.”
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