A new report from Nasdaq Verafin, Financial Crime Insights: Europe, highlights the staggering scale of financial crime across the continent. Drawing from the 2024 Global Financial Crime Report and industry surveys, the study reveals that an estimated $750 billion in illicit funds flowed through Europe’s financial system—2.3% of the region’s GDP.

Fraud remains a critical concern, with losses totaling $103.6 billion due to scams and bank fraud. A significant portion of laundered money, $194.9 billion, moved across borders, emphasizing the challenges posed by international financial flows and the increasing sophistication of criminal networks.

The report underscores the economic and societal damage caused by financial crimes such as fraud, human trafficking, drug trafficking, and terrorist financing. These illicit activities undermine financial stability and erode trust in institutions. Nasdaq Verafin’s Executive Vice President, Stephanie Champion, stresses the need for unified action, noting that criminals operate beyond borders and regulations. She calls for collaboration among industry stakeholders to strengthen financial systems and combat both domestic and cross-border risks through shared goals and strategic coordination.

Beyond identifying risks, Financial Crime Insights: Europe outlines opportunities for financial institutions to enhance their anti-money laundering and fraud prevention efforts. By leveraging advanced technology and data-driven strategies, stakeholders can improve compliance, reduce false positives, and detect fraudulent activity more effectively. Nasdaq Verafin, a long-standing partner to the financial industry, continues to support over 2,600 financial institutions worldwide in their fight against financial crime. The report, produced in collaboration with Celent Research and Oliver Wyman, serves as a crucial resource for shaping the future of financial crime prevention across Europe.