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Corrupt actors use loopholes in the global financial system to hide their ill-gotten gains by transferring them to foreign countries or jurisdictions, which can be referred to as transit or destination financial centres.

Beneficial ownership information is seen as a crucial policy tool to combat illicit activities and anonymity within legal entities.

Cryptocurrency is being exploited by organised crime groups for illicit activities, taking advantage of its decentralised and anonymous nature to facilitate money laundering and other corrupt practices. The development sector can help to mitigate these risks through regulatory and legislative frameworks, public education and strengthening law enforcement agencies.

Countries placed on the FATF grey list face economic and reputational repercussions and, although no official sanctions follow, the risk of potential blacklisting exists. However, grey listed countries often demonstrate political commitment to improve and exit the list within five years.

Concerns arise in the literature about the transparency and actual influence of LMICs in FATF standard-setting process for AML/CFT, suggesting that the agenda might still be driven by higher-income jurisdictions.

Professional enablers not only launder dirty money, but they also make it harder for law enforcement officials to identify them and recover stolen assets.

Blockchain technology promised to be a game changer in anti-corruption efforts due to its immutability and transparency. Whether it fulfils its promise depends on levels of connectivity, digital literacy, and reliable institutions where it is deployed.

More and more countries are attempting to recover illegally obtained assets via private actors, which can be faster and more efficient than the criminal avenue based on international cooperation, yet are considerably more expensive.

In Madagascar, gold mining could be a major source of development for the government and the population. However, every year the country suffers losses due to the increase in illicit practices such as corruption and money laundering.