Information from financial institutions a core function for FIUs says Egmont Group

Analysis of information received from financial institutions is a core function of financial intelligence units (FIUs), particularly in the asset recovery process according to a new report by the Egmont Group of FIUs.

The group facilitates and prompts the global exchange of information, knowledge, and cooperation amongst member FIUs to help them combat money laundering, terrorist financing and associated predicate crimes.

FIUs and financial institutions

Public Summary: Asset Recovery – The Role of FIUs contains, amongst other things, an analysis of how FIUs and financial institutions can work together in areas such as the identification of ultimate beneficial owners.

It also looks at the importance to FIUs of suspicious transaction reports filed by banks as well as the challenges facing financial institutions and FIUs in establishing and maintaining effective communications and reporting processes.

Report purpose

The report’s overarching purpose is to present key lessons, best practices, and representative case examples to enhance the role of FIUs within the asset recovery process at the national and international levels.

The information in the report aims to assist the establishment of national strategies and facilitate effective cooperation between FIUs and law enforcement, judicial authorities and asset recovery offices.

The public summary presents sanitised, non-sensitive information extracted from the main report.

The Egmont Group’s Public Summary: Asset Recovery – The Role of FIUs can be found here.

 



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