Benefits of Egmont Group Membership

The Egmont Group provides a forum for FIUs around the world to enhance support to their respective governments in the fight against money laundering, terrorist financing and other financial crimes. This support includes:

• expanding and systematizing international cooperation in the reciprocal exchange of financial intelligence information,
• increasing the effectiveness of FIUs by offering training and personnel exchanges to improve the expertise and capabilities of personnel employed by FIUs,
• fostering better and secure communication among FIUs through the application of technology, presently via the Egmont Secure Web (ESW), and
• promoting the establishment of FIUs in those jurisdictions without a national anti-money laundering/terrorist financing program in place, or in areas with a program in the beginning stages of development.

The value of information exchange on an international level in support of respective law enforcement efforts has proven to be highly significant. FIUs have a unique ability to exchange financial information that may be helpful in following the financial trail in law enforcement investigations, including those related to terrorism and uncovering criminal assets. This information could stem from suspicious or unusual transaction reports or other disclosures from the financial sector and other obliged entities, as well as government administrative data and public record information. Opening and maintaining this line of communication among the Egmont Group of FIUs benefits law enforcement efforts globally by providing another potential source of foreign financial intelligence that may be critical to a national investigation. The fact that information can be exchanged by FIUs in circumstances where there are either no other portals for such an exchange, or where the portals may be more cumbersome, indicates the value of FIUs. In some jurisdictions, the type of information that FIUs collect can only be shared by law with another FIU. The key is to foster information exchange and international cooperation as outlined in the Group’s “Principles of Information Exchange” to which all FIUs in Egmont have committed.

In addition to the success of developing the principles of information exchange, Egmont has created a secure encrypted capability to share information over the Internet. Egmont’s secure web system permits members of the group to communicate with one another via secure e-mail. Egmont members are able to exchange operational information with the knowledge that the information is communicated in a secure fashion, will be safeguarded at the receiving end, and acted upon appropriately and in a timely fashion.

This secure internet site also allows Egmont members access to meeting minutes and related documents, Egmont Group annual reports, contact information of all members, and sanitized case typologies.

As part of the recognized global network of FIUs, Egmont members can take advantage of the cooperation and mutual assistance fostered by the group. Meetings and workshops provide a forum for the sharing of best practices, and allow all members to participate fully in Egmont Group decision-making. Members share experiences and ideas, offer advice, and learn from the successes and mistakes of colleagues. The Egmont Group has fostered a collegial environment over the years, a forum of goodwill where colleagues meet, become acquainted and openly and eagerly assist one another.

Date: 2015-12-11; view: 977