The seminar will discuss how the collaborative use of AI, DLT, and IoT can be powerful tools to sustainably combat illicit money flows in the EU.
Illicit money flows continue to present a serious challenge to the integrity and productivity of financial system in the EU. Recent technological innovations such as artificial intelligence (AI), distributed ledger technology (DLT), and the Internet of Things (IoT) can provide appropriate remedies for this challenge. Against this backdrop, this paper presents a SWOT analysis on the collaborative application of these technologies against illicit money flows in the EU to provide intellectual discourse that is both unique and impactful in its scope, breadth, and content.
With the help of techno-legal methodology, collaborative use of AI, DLT, and IoT could robustly improve the efficiency and effectiveness of detecting and preventing illicit money flows involving crimes such as money laundering, tax crime and corruption.
Concerns have, however, been raised on privacy and security as well as the risk of bias and discrimination in using these technologies. Threats such as regulatory challenges, lack of relevant expertise, and cautious adoption of these technologies equally abound. Navigating through these bottlenecks is difficult but comes with opportunities such as enhanced compliance with AML/CFT regulations, enhanced reputation, or integrity of systems, and reduced risk of legal liability.
In a nutshell, collaborative use of AI, DLT, and IoT can be a powerful tool for combating illicit money flows in the EU more sustainably. It is imperative to, however, employ these emerging technologies in a highly responsible, ethical, and sustainable manner.
Dr Adam Abukari is an Assistant Professor in Law at CFCI. Adam has been working on EU-funded projects at Coventry University since 2018 including PROTAX, TRACE, and KEYSTONE. Adam’s current work mainly involves finding innovative solutions for energy issues as well as financial and economic crimes.
Adam’s PhD was on rule of law and justice. His research interests include human rights law, energy innovation and sustainable development as well as innovative strategies to counter illicit money flows and related crimes. Generally, Adam’s research is based on how interdisciplinary relations between law, business and development studies can harness and enhance societal security.