Sharing information more effectively could boost efforts to combat financial crime, according to Stuart Levey, Chief Legal Officer, HSBC.

Speaking at a financial services conference in Switzerland, Mr Levey said governments and banks had a shared objective to preserve the integrity of the global financial system while avoiding the unintended consequence of excluding people with legitimate needs.

Mr Levey said: “We must become much more precise in our targeting of illicit conduct within the system, and that can only be done by dramatically improving collaboration and information sharing among all the participants, government and private sector, in the effort to combat financial crime.”

Cross-border, real-time sharing of information among private sector bodies, and between government and the private sector, could better equip all the parties involved to meet their shared goals, he added.

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