In pursuit of big data

Policymakers have been exploring different ways to fight serious and organised crime and terrorism while upholding fundamental rights to privacy and ensuring that financial institutions are not overburdened with regulation. One such policy initiative is international funds transfer reporting (IFTR).

Based partly on a detailed study of IFTR requirements in six countries – Australia, Canada, India, Indonesia, Norway and Romania – this paper asks whether IFTR requirements are necessary and proportionate, and therefore whether their impact in limiting fundamental rights can be justified. It concludes that, while IFTR requirements have intelligence value and are a feasible and likely cost-effective option, decision-makers should carefully explore a number of regulatory considerations as well as alternative policy options.

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