Public Cooperation - Disruption of Money Laundering

Updated: Nov 21, 2019

In the pursuit of more strategic, decision based and consequential discussions surrounding money laundering, the heads of Egmont Group Financial Intelligence Units (FIUs) in 2015 decided to focus its plenary meetings around specific themes. The 26th Egmont Group (EG) Plenary Meeting in The Hague, attended by 497 participants[1], addressed the topic of Enhanced Public-Public Cooperation (PPC) from the perspective of an FIU.

The goal was twofold. Firstly, to raise awareness among EG members on how FIUs could enhance cooperation with competent authorities to better identify, understand and tackle money laundering and terrorist financing (ML/TF) risks. Secondly, to garner this awareness to better fight ML/TF and predicate offences more effectively.

In accordance with FATF standards, there are three type of cooperation that FIUs are required to adhere to:

Cooperation with competent authorities that have the function of investigating and/or prosecuting money laundering, associated predicate offences, terrorism financing. As well as seizing and confiscating criminal assets;

Cooperation with competent authorities that have AML/CFT supervisory and monitoring responsibilities. In addition, competent authorities receiving reports on cross border transportation of currency and BNI’s (bearer negotiable instruments);

Cooperation with other public competent authorities with designated responsibilities for combating money laundering and/or terrorist financing’.[2]

The resulting efforts have already generated highly positive results regarding the detection and prevention of money laundering, associated predicate crimes and terrorist financing. A prime example is that of the efforts in Australia:

Case Study- Australia: [3]

[1] https://egmontgroup.org/en/content/compendium-enhancing-public-public-cooperation

[2] https://egmontgroup.org/sites/default/files/filedepot/external/2019%20-%20HoFIU%20-%20Enhancing%20Public-Public%20Cooperation%20from%20the%20FIU%20Perspective.pdf

[3] 1 https://www.homeaffairs.gov.au/nat-security/files/strategy-transnational-serious-organised-crime.pdf


By Lauren Parmenter, Consultant at Lysis Group