What is Child Financial Exploitation ?
Child Financial Exploitation (CFE) is the act of taking advantage of a child’s financial resources for personal gain, often through deceit, coercion, or manipulation.
CFE can have serious consequences for a child, including financial hardship, damaged credit, emotional distress, and disrupted relationships with family and peers. Children cannot respond to their own exploitation and sometimes CFE is classified as a secondary form of Child Exploitation due to the percieved risks being of lesser consequence than other types. This is not true, and CFE can be highly traumatic for a child who is vulnerable and exposed to risk. CFE can take place in isolation or alongside other forms of Child Exploitation; it is therefore essential for practitioners to identify, prevent, disrupt, stop and record CFE as soon as possible.
(Laundering the proceeds of crime is a criminal offence under The Proceeds of Crime Act (2002) and carries a maximum prison sentence of up to 14 years. Proceeds may come from crimes such as modern slavery (including human trafficking), drug trafficking and fraud).
