Challenges and Prospects of International Cooperation in the Field of Financial Monitoring

Abstract

The article is devoted to international cooperation’s main challenges and prospects in financial monitoring. In the context of the growth of transactions that have a transnational nature, the issue of financial monitoring on a global scale is actualised using the latest technologies. Financial monitoring is a process of identifying, assessing, and reducing the risks of financial crime. The author emphasises that it is efficient and effective international cooperation that can become the basis and help in creating more effective systems of verification and control of financial transactions, as well as contribute to the faster detection and termination of criminal actions related to the legalisation of criminal proceeds, corrupt actions, and financing of terrorism. In the article, the author focuses on one of the challenges of international cooperation, which can become an obstacle – the need to ensure mutual trust and cooperation between different countries and their financial institutions and the creation of common standards and protocols. International cooperation can also contribute to more transparent and regulated financial markets, increasing investor confidence and promoting economic growth. However, the author also emphasised that for the successful implementation of international cooperation in financial monitoring, it is also necessary to consider the different cultural, legal, and economic realities of different countries and regions. International cooperation in financial monitoring can provide more effective methods and tools to detect and stop financial crime. The author noted that successful international cooperation in financial monitoring depends on many factors, such as the effectiveness of legislation, the availability of technical means for information exchange, the standardisation of processes, and others.