-
Prize challenges aim to generate technology innovation to help tackle the global challenge of financial crime
-
Innovators will be able to draw on expert advice from U.K. and U.S. regulators
The United Nations (UN) estimates that up to $2 trillion of cross-border money laundering takes place each year, financing organised crime and undermining economic prosperity. Greater information sharing and collaborative analytics among financial organisations could transform the detection of this activity, but research by the Royal United Services Institute (RUSI) shows this is hindered by the legal, technical and ethical challenges involved in jointly analysing sensitive information.
Financial crime is among those global challenges that PETs could play a transformative role in addressing.
Today, the U.K. and U.S. governments are developing prize challenges focused on advancing the maturity of privacy-enhancing technologies (PETs) to combat financial crime.
Speaking at the Global Leaders Innovation Summit during London Tech Week in the U.K., Julia Lopez, the Minister
