News

FATF Reconsiders Standards for Sharing Financial Intelligence

By Manju Manglani

An intergovernmental group reiterated Tuesday that global financial institutions should share tips on suspicious activity within their network of overseas affiliates and with each other, and advocated for nations to increase the "scope and extent" of their data-sharing frameworks. The Financial Action Task Force now interprets its recommendations as stating that "when relevant and appropriate to risk management," global financial institutions should share data on suspicious activity with their branches and subsidiaries, while ensuring confidentiality of the information and preventing tipoffs to parties under investigation. "This should include information and analysis of transactions or activities which appear unusual (if such...

TO READ THE FULL STORY