Press release
Nasdaq Verafin Report Finds that $750 Billion in Money Laundering and Illicit Funds Flowed Through Europe
More than a Quarter of the Region’s Money Laundering Activity was Across Borders New Analysis of European Country-Level Data and Insights into Fraud Trends,
About this update from Nasdaq, Inc.
[{"type":"text","content":"More than a Quarter of the Region’s Money Laundering Activity was Across Borders New Analysis of European Country-Level Data and Insights into Fraud Trends, Cross-Border Flows and Money Mule Activity ST. JOHN's, Newfoundland and Labrador, March 31, 2025 (GLOBE NEWSWIRE) -- Nasdaq Verafin has released its new report, Financial Crime Insights: Europe, that takes a deeper dive into the scale of financial crime across Europe. This report provides new analysis of the data from the 2024 Global Financial Crime Report, and industry insights from a survey of anti-financial crime professionals from across Europe, including the EU, UK, Nordic region and more. Financial crime in Europe is staggering in scale and inextricably linked to a global crisis that undermines financial systems, economies and communities around the world. An estimated $750 billion in illicit funds flowed through Europe’s financial system, representing 2.3% of total European GDP. Fraud also poses a substantial threat to Europe's financial industry, with an estimated $103.6 billion in losses resulting from various scams and bank fraud scenarios. New insights from our research reveals that of all funds laundered across Europe, $194.9 billion was moved across borders, representing more than a quarter of the total estimates for money laundering activity in the region in 2023. With cross-border transactions increasing globally, pan-European and international financial flows are a significant vector for illicit activity. This expert analysis highlights the scale of financial crime across the region, which significantly impedes the growth and security of Europe’s financial system. The nefarious activities that underpin illicit flows, such as elder abuse, fraud scams, human trafficking, drug trafficking, and terrorist financing – have serious economic and societal impacts across Europe and around the world. \"The time is now for industry stakeholders to work together to build on the positive momentum across Europe to deliver on a step change in the fight against financial crime. Criminals are not bound by banks, borders or regulations – so by aligning on shared goals, we can strengthen economies across the region and safeguard the wider financial system from harm,” said Stephanie Champion, Executive Vice President and Head of Nasdaq Verafin. “This report highlights the need fo...