Global summit tackles financial crime challenges

In a significant effort to combat financial crime, leaders from government, law enforcement, and industry gathered in London for the Global Financial Industry Partnership (GFIP) Summit 2026. Hosted by HM Revenue and Customs (HMRC) on behalf of the Joint Chiefs of Global Tax Enforcement (J5), the summit aimed to strengthen the collective response to issues like tax crime, money laundering, and broader financial misconduct.

As financial crime develops and increasingly spans across international borders, sectors, and technologies, criminal networks are finding new ways to exploit these links. The summit specifically addressed three main priorities: enhancing operational coordination within the financial system, advancing cross-border information sharing, and ensuring that public-private partnerships yield measurable outcomes.

JP Marks, HMRC Chief Executive and First Permanent Secretary, highlighted the necessity for adaptive measures against these crimes saying, "Financial crime is constantly evolving and our response has to evolve with it. Strong global partnerships are essential to stay ahead of the threats we face." He emphasised the need for collaboration: “By bringing together the different strengths of government, law enforcement and industry, we can see more, connect more and deliver greater disruption than any of us can alone.”

GFIP's initial impact has demonstrated the value of international collaboration, and Marks expressed gratitude for the commitment shown by all participants. He noted, “Together we can build on that progress, continue to innovate and deliver even more in the years ahead."

Since its establishment in 2022, GFIP has united key stakeholders, including government bodies, law enforcement agencies, financial institutions, fintech companies, and financial intelligence units, to transform shared insights into coordinated action against financial crime. The partnership has made strides in addressing emerging threats, such as identity crime, fintech-enabled crime, and trade-based money laundering. They have focused on developing new methods for facilitating information sharing and enhancing operational cooperation.

The J5 consortium, composed of HMRC, the Australian Taxation Office, the Canada Revenue Agency, the Dutch Fiscal Intelligence and Investigation Service, and IRS Criminal Investigation in the U.S., has effectively coordinated intelligence sharing and operations. Through advanced technology and collaboration, the J5 has been able to unveil complex schemes that would be challenging for any single country to dismantle independently. For additional information about the J5, visit www.j5alliance.global.