The EG Working and Regional Groups published Financial Intelligence Units reports, the Trade-Based Money Laundering – Trends and Developments (joint FATF/Egmont Group report), Trade-Based Money Laundering Risk Indicators (joint FATF/EG publication), and eCatalogue on Asset Recovery Related FIU Powers. The ECOFEL also continued its noble mission to assist FIUs in striving toward excellence and leadership through their eLearning platform and in-house production of several new eLearning courses and workshops.
⊲ EG Live Webinars on Introduction to the Implementation of a Risk-Based Approach in FIU Operations: The webinar series enhanced EG members’ understanding of the role of FIUs in the National Risk Assessment (NRA) process, NRA refinement/enhancement from the FIU perspective, and application of the NRA findings in practice.
⊲ Trade-Based Money Laundering (TBML) – Trends and Developments (joint FATF/EG report): This report represents a comprehensive, fresh look at TBML methodologies and mitigating measures, including the impact of new initiatives such as the establishment of public-private partnerships (PPPs). It also provides fresh insight into TBTF to build awareness and understanding of how terrorist financiers can and do exploit trade processes.
⊲ Trade-Based Money Laundering Risk Indicators (non-public): TBML risk indicators developed by the EG IEWG as part of workstream III of the Conclusions from Large Scale, Cross-Border Money Laundering Schemes project.
⊲ eCatalogue on Asset Recovery Related FIU Powers: The eCatalogue provides detailed information on EG members’ asset recovery powers and contains useful public information sources.
⊲ ECOFEL eLearning platform and eLearning course development: There are over 3,173 users from the following eLearning platform categories: FIUs, law enforcement agencies (LEAS), supervisory authorities, international organizations, and EG observers, donors, ECOFEL experts, and university researchers/lecturers. Seven new courses were also developed and an additional course was developed by UNODC and released: Introduction to TBML. The eLearning platform offers a wide range of services, including ECOFEL eLearning courses, LinkedIn Learning courses (for FIUs only), a virtual library, webinars, certification, Helpdesk, regional channels, dedicated FIU channels, learning plans, and more.
⊲ COVID-19 Best Practices for Financial Intelligence Units: Published in October 2020 and developed from research gathered at the four COVID-19 virtual regional roundtables and secondary information. A public version of this report was also issued in March 2021.
⊲ Best Egmont Group Case Award 2021: The annual competition was developed in 2011 by the Training Working Group — now called the Technical Assistance and Training Working Group (TATWG). The BECA initiative encourages EG members to contribute to the EG’s ML/TF database to benefit FIUs and stakeholders in AML/CFT. The BECAs provide a valuable opportunity for FIUs to share their knowledge, expertise, and experiences within the global AML/CFT community.
⊲ Publication of the BEST EGMONT CASES Financial Analysis Cases 2014–2020: From 117 case submissions, a subgroup selected 26 best cases.
⊲ Operational Training Sessions, in cooperation with the IEWG, during the Plenary week from July 5–9, 2021, including:
⊲ The Flexible, Consistent Information Exchange Standards – Moving to Production
⊲ Combatting Online Child Sexual Abuse and Exploitation (CSAE) One Year Later
⊲ Tackling Illicit Finance Associated with Human Trafficking
WORK IN PROGRESS
- Conclusion from Large Scale Cross-border ML Schemes Project: The project continued working on its Shell Company Database to produce an Address Book containing shell companies under workstream I and carried out an empirical testing exercise on transactional risk indicators, jointly with private sector participants, under workstream II.
- Flexible Consistent Information Exchange Standards Project: A standard information request form was created in XML Schema and PDF Form to guarantee standardization and enhance the efficiency of the EG’s information-sharing mechanisms while ensuring flexibility, consistency, and compatibility in formats.
- FIU-FinTech Cooperation Project: The project measures the cooperation level between FIUs and the FinTech industry based on different jurisdictions’ frameworks and how FinTech companies are identified to help determine the FinTech industry’s reporting level, best reporting practices, and their role in local public-private partnerships. The project also tries to identify cybercrime-related typologies and indicators.
- FIUs Capabilities and Involvement in the Fight Against the Financing of Extreme Right-Wing Terrorism: The project evaluates the amount and relevance of Extreme Right-Wing Terrorism Financing (ERWTF) information available to FIUs, assesses FIUs’ domestic and international position of FIUs vis-à-vis ERWTF, and gathers FIUs’ ERWTF case examples. Deliverables include an FATF project, report, and casebook contribution. The project team prepared all draft products and will present them soon for HoFIU endorsement.
- Asset Recovery—The Role of FIUs Project: The project’s purpose is to better understand FIUs’ role regarding FIU powers and practices in tracing criminal assets, FIUs’ suspension/freezing powers, and cooperation with Asset Recovery Offices and case collection. The project team, led by FIU Ukraine, is finalizing the first draft, and incorporating input from FIU Belgium on FIUs’ postponement powers.
- Digital Transformation for AML/CFT purposes: The EG IEWG is jointly working with the FATF RTMG and provided input for the paper’s third draft. A joint meeting with the RTMG to discuss the project work was held in September 2021.
- E-Catalogue on Regulated VASPs: Based on EG members’ questionnaire responses, an e-Catalogue was created, including legislative frameworks for VASPs and access to additional information, a VASPs sample information request form, and a guide to completing the VASPs sample information request form.
- Operation TENTACLE: Operation TENTACLE is an ongoing AML/CTF effort dedicated to fighting bulk currency, gems, and precious metals smuggling focused first on African regions, then Latin America, and then Asia and the Pacific. This is a joint project between the WCO, EG, and INTERPOL.
- FIUs’ Role in the Fight against ML of the Proceeds of Corruption (Within the Context of COVID-19) Project: The project explores FIUs’ role in combating the laundering of corruption proceeds, focusing on cases of corruption activities emerging in the COVID-19 pandemic.
- Counter-Terrorist Financing (CTF) Research with a Specific Focus on International Cooperation within the Pre-Investigative Phase (e.g International Monetary Fund CTF Handbook): The EG contributes to the IMF CTF Handbook by supporting the drafting process and reviewing the International Cooperation Chapter (Chapter 6) of the CTF Handbook.
October 20, 2022 Published by The Egmont Group. (Download the Report PDF)