Illicit Finance as a National Security Threat: Balancing Security and Unintended Consequences

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In recent decades, illicit finance has evolved from being considered an adjunct to other security threats, such as organised crime or terrorism, to a security threat in its own right. For an issue to join the security discourse, the case for its relevance and urgency needs to be made by policymakers and accepted by a target audience. For illicit finance, the securitisation process is ongoing, primarily prompted by Russia’s full-scale invasion of Ukraine. When done properly, securitising a threat ensures that action to tackle it is taken expeditiously. When poorly implemented, it can become an extreme version of politicisation that leads to unintended consequences. Therefore, it is crucial that the inclusion of illicit finance in the security dialogue is grounded in sound and logical reasoning. Maria Nizzero explores the evolution of illicit finance from domestic policy issue to security threat and how it is brought into the national security discourse in the UK.◼