The Egmont group is an international organisation where 166 financial intelligence units (FIU) across the globe share financial intelligence information with each other to fight against money laundering and terrorist financing. An FIU is a central, national agency responsible for receiving (and, as permitted, requesting), analyzing, and disseminating to the competent authorities disclosures of financial information concerning suspected proceeds of crime and potential financing of terrorism or required by national legislation or regulation in order to combat money laundering and terrorism financing.
Established in 1995, headquartered at Canada, this group offers a forum where the member FIU s exchanges and analyses domestic and international information in accordance with the global AML/CTF standards. The effective implementation of exchange of financial intelligence information aids in identifying the offenders and their network thereby supporting investigation probes and prosecutions. Thus the primary objective of this group is to fight financial crimes through global coordination and cooperation.
The Egmont group is headed by a chairman. Based on the geography, the group is segregated into different regional groups. Each such group liaises with FATF style regional bodies (example-ASIA PACIFIC GROUP) under the leadership of a representative. The members of the Egmont group are committed towards various responsibilities that include developing strategic solutions to the problems faced by the members in exchanging the financial information, strengthening the IT (Information Technology) structure for enhanced outcomes, interpretation of risk indicators and providing adequate trainings to the members.
Besides member FIU s, intergovernmental organisations act as observers and partners. EUROPOL, World Bank and IMF are some of the esteemed observers whilst International Criminal Court (ICC), Basel Committee on Banking Supervision and European Union are few of the prestigious partners.
Author: Rajashree, MBA, CAMI
(PonSun AML Academy)