Nasdaq Verafin Report Finds that $750 Billion in Money Laundering and Illicit Funds Flowed Through Europe
Rhea-AI Summary
Nasdaq Verafin has released its new Financial Crime Insights: Europe report, revealing that an estimated $750 billion in illicit funds flowed through Europe's financial system in 2023, representing 2.3% of total European GDP. The report highlights that $194.9 billion was moved across borders, accounting for over a quarter of total money laundering activity in the region.
The analysis also uncovered $103.6 billion in losses from various scams and bank fraud scenarios. The report, produced in collaboration with Celent Research and Oliver Wyman, provides insights from anti-financial crime professionals across Europe, including the EU, UK, and Nordic region.
Currently, over 2,600 financial institutions representing $10 trillion in assets use Nasdaq Verafin's cloud-based financial crime management solutions to combat activities such as scams, elder financial exploitation, human trafficking, and terrorist financing.
Positive
- Large market presence with 2,600+ financial institutions representing $10T in assets using Verafin's solutions
- Strong positioning in the growing financial crime prevention market
- Advanced AI-driven solutions and consortium data approach reducing false positives
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News Market Reaction – NDAQ
On the day this news was published, NDAQ gained 1.27%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
New insights from our research reveals that of all funds laundered across Europe,
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 for unified action to address both domestic and cross-border risks, fostering a safer financial system for all.”
Financial Crime Insights: Europe provides authoritative research findings and industry perspectives that define notable trends and priorities within the financial sector across the UK, EU, and Nordics. Additionally, it underscores opportunities for stakeholders within the European financial industry to align their priorities for financial crime prevention, collaborate across sectors and borders, and expedite innovation through advanced technology. Innovative solutions and data-driven strategies will be crucial for enhancing anti-money laundering and fraud prevention efforts, ultimately ensuring a more secure financial ecosystem in Europe.
Nasdaq Verafin has been a partner to the financial industry for decades and provides an industry-leading suite of cloud-based financial crime management solutions that support banks in preventing fraud and uncovering money laundering. Today, more than 2,600 financial institutions representing
This report focuses on financial crime trends and perspectives in Europe, EU, the UK and the Nordic region and was produced by Nasdaq Verafin in collaboration with Celent Research and Oliver Wyman.
The full report can be found at https://verafin.com/financial-crime-insights-europe/.
About Nasdaq Verafin
Nasdaq Verafin provides cloud-based Financial Crime Management Technology solutions for Fraud Detection, AML/CFT Compliance, High-Risk Customer Management, Sanctions Screening and Management, and Information Sharing. More than 2,600 financial institutions globally, representing nearly
Media Relations Contacts:
Europe:
Hampus Stenberg
+46 73 449 6431
hampus.stenberg@nasdaq.com
North America:
Melanie Stead
(709) 330-8005
melanie.stead@nasdaq.com
NDAQG
FAQ
How much money laundering activity was detected in Europe according to Nasdaq Verafin's 2024 report?
What percentage of European money laundering involved cross-border transactions?
How much did fraud cost the European financial industry according to NDAQ's research?
How many financial institutions currently use Nasdaq Verafin's solutions?
