Combating Human Trafficking and Money Laundering Discussions Occurred at the Ministry of Finance

PeopleOther ♦ Published: February 12, 2023; 23:20 ♦ (Vindobona)

The Austrian Ministry of Finance invited several experts on the human trafficking and money laundering issue. They discussed possible solutions to these problems and the ministry's help in it.

A Roundtable Was Held at the Ministry of Finance to Combat Human Trafficking and Money Laundering. / Picture: © BMF / Wenzel

Together with the "Finance Against Slavery and Trafficking" (FAST) initiative from the UN University and the Money Laundering Reporting Office (A-FIU) of the Federal Criminal Police Office, the Ministry of Finance invited to a roundtable on combating human trafficking on Tuesday. The focus was on the contribution that the Austrian financial sector can make to this. The roundtable aimed to further improve the detection and reporting of suspicious activities by financial actors and thus strengthen the fight against human trafficking.

In addition to numerous representatives of the financial sector, experts from the responsible authorities and other public institutions also took part. International participants also contributed to the discussions with their expertise. “Human trafficking is a terrible crime that causes much human suffering. It is also a predicate offense for money laundering and therefore the support of the financial sector is essential to track down the illicit funds generated by human trafficking. I am therefore pleased that the exchange between private and public actors was intensified today with the support of the FAST initiative and that further solutions could be developed in this way," says Finance Minister Magnus Brunner.

“Human trafficking and modern slavery generate over €150 billion a year in illicit assets. With the help of the financial sector, we can track them down, confiscate them and return them to the survivors of these crimes," adds Daniel Thelesklaf, head of the FAST initiative. Human trafficking happens globally and also affects Austria. Human trafficking is also linked to the displacement and concealment of illegal proceeds. Here comes because of this, the international FAST initiative aims to mobilize the financial sector against human trafficking.

In general, Austria also supports the ongoing development of effective anti-money laundering measures at international and European levels. Negotiations are currently underway on a new EU regime to prevent money laundering even more effectively in the future. Among other things, a European supervisory authority to combat money laundering and terrorist financing (AMLA) is to be created. Austria is also applying to be the host country for the seat of the AMLA.