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Navigating the storm: The intersection of geopolitical and financial crime risks

Author

Listed:
  • De Sybel, Rosamund

    (Head of Geopolitical Risk, Financial Crime Compliance, ICBC Standard Bank, UK)

Abstract

The world is facing an incredibly complex set of global risks, from conflict in Europe and the Middle East, to climate change and food and energy insecurity. As we progress into 2024, we are seeing an intensification of recent trends: geopolitical instability is accelerating the use of economic statecraft and asymmetric tools of financial conflict. These tools are used as both alternatives and additions to hard power. This paper argues that risks to global financial institutions are increasingly characterised by this nexus. Against a backdrop of multiplying wars, the geopolitical activities of treasury departments are becoming more pronounced. This paper addresses how some of these financial and economic tools are deployed and the nature of the risks that have emerged as a result, particularly as the targets of economic statecraft seek to counter them. The paper also considers how financial institutions can build resilience in their organisations by situating geopolitics effectively within financial crime compliance frameworks.

Suggested Citation

  • De Sybel, Rosamund, 2024. "Navigating the storm: The intersection of geopolitical and financial crime risks," Journal of Risk Management in Financial Institutions, Henry Stewart Publications, vol. 17(3), pages 294-302, June.
    • Handle: RePEc:aza:rmfi00:y:2024:v:17:i:3:p:294-302
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    More about this item

    Keywords

    geopolitics; sanctions; financial flows; economic statecraft; conflict; financial crime;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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