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The Financial Action Task Force (FATF) says institutions should be sharing information between them to detect money laundering more easily and comply with the Anti-Money Laundering (AML) and Countering the Financial of Terrorism (CFT) requirements. Money laundering is a global problem with an estimated size of up to US$2 trillion (5% of the global gross domestic product) being illegally laundered each year. While regulators and financial institutions across the world have been working hard to curb this socio-economic corruption, with ever-increasing cooperation and stricter scrutiny, their efforts have largely been ineffective. Curbing financial crime has been daunting as multinational criminal schemes cannot be tackled by one jurisdiction alone. Furthermore, criminals exploit more than one institution to launder, move or use funds with links to terrorism. In this context, global money-laundering watchdog Financial Action Task Force (FATF) says that “data sharing is critical to fight money laundering and the financing of terrorism and proliferation”. In its recent report titled Stocktake on data pooling, collaborative analytics and data protection, the international agency, which provides the FATF recommendations, notes that with technological advances financial institutions can analyse large amounts of structured and unstructured data and identify patterns and trends more effectively. The report also lists available and emerging technologies that facilitate adv...