GFEMS and The Knoble Partner to Mobilize the Financial Sector to Eliminate Human Trafficking
July 23, 2020
The Global Fund to End Modern Slavery (GFEMS) and The Knoble have announced a formal partnership to advance efforts to end modern slavery by identifying and disrupting the financial flows that enable human trafficking operations.
This is a tremendous challenge. An estimated 80% of fraud is facilitated by organized crime resulting in over $150 billion dollars in profit, and more than 40 million people live in modern slavery—that translates to 1 person every 4 seconds becoming a victim.
Through this partnership, existingnetworks of fraud, cyber, fintech, and financial crime professionals will develop strategies, provide tools and facilitate partnerships to identify and disrupt financial flows to traffickers and more effectively mobilize the financial sector in the fight against human trafficking. Relevant resources will be scaled globally and made available for other organizations to adopt directly or replicate.
“The only way to protect vulnerable populations from human trafficking and modern slavery is through coordinated efforts that educate and equip financial professionals with tools to detect and prevent these threats,” said Shawn Holtzclaw, Executive Director of The Knoble. “It’s an honor to partner with GFEMS. The combination of its continued commitment to mobilizing the financial sector and our unparalleled industry expertise will allow us to implement practical safeguards that affect positive change around the world.”
“Our team is proud to work alongside and learn from this incredible network of financial crime experts. We are committed to engaging the private sector to co-develop solutions and leverage technology, data, and expertise to more effectively disrupt illicit financial flows to traffickers and protect the vulnerable. The response to the Cross-Industry Data Initiative to-date has been overwhelming and points to the passion and commitment of our partners at The Knoble to drive action,” said GFEMS Director of Strategic Partnerships, Natalya Wallin.
The Fund’s ongoing efforts to mobilize the financial sector build on its partnership with Liechtenstein and other key partners committed to ending modern slavery by making it economically unprofitable. ”
The Global Fund to End Modern Slavery (GFEMS) is a bold international fund catalyzing a coherent global strategy to end human trafficking by making it economically unprofitable. With leadership from government and the private sector around the world, the Fund is escalating resources, designing public-private partnerships, funding new tools and methods for sustainable solutions, and assessing impact to better equip our partners to scale and replicate solutions in new geographies.
About The Knoble
Founded in 2019, The Knoble is dedicated to protecting vulnerable populations around the world, including victims of modern slavery, human trafficking, elder abuse and child exploitation. Led by volunteers (Knights) that are experts in fraud, financial crime, financial services, data, and technology, The Knoble’s cross-industry initiatives in the public, private and charitable sectors create an ongoing, system-wide effort to detect and prevent criminal abuse. For more information, visit www.theknoble.com.