There is growing consensus that the current global framework for fighting financial crime is not as effective as it could be, and that more needs to be done at the international, regional and national levels to help identify and stem the flow of illicit finance – an activity which supports some of the worst problems confronting society today, including terrorism, sexual exploitation, modern slavery, wildlife poaching and drug smuggling. Financial crime is both a contributor to societal ill and a threat to financial stability and financial inclusion, and its mitigation and prevention must be prioritised. While billions have been invested to tackle this type of criminality, greater emphasis needs to be placed on bolstering the efforts of law enforcement with the help of the private sector and ensuring the legal and regulatory framework and financial crime risk management toolkit are enhanced to enable stakeholders to achieve more effective outcomes. This paper sets out three broad areas of focus for both the public and private sector to consider; the systemic stability and societal effects of financial crime, limitations on the effectiveness of the global financial crime risk management framework and a way forward on improving that global framework