Members of an intergovernmental organization of financial intelligence units are considering plans to streamline the exchange of data on potential financial crimes across national borders, an official with the group said Monday. Using an encrypted network administered by the U.S. Treasury Department, any two of the 151 members of the Toronto-based Egmont Group of Financial Intelligence Units can share information gleaned from suspicious transaction reports and other banking data linked to an investigation with each other, but aren't otherwise notified by the system of other Egmont members with an interest in the case. The system's capabilities contrast with the formal...
The European Union is failing to exploit valuable financial intelligence on terrorism and organized crime because of poor staffing in government bureaus and inadequate information sharing across borders, officials told parliamentarians.
Members of an intergovernmental group that shares information on money laundering and fraud are working to improve the financial intelligence units in sub-Saharan Africa, according to the organization's annual report.
Nine jurisdictions, including Saudi Arabia, Sri Lanka and Macau, have joined the Toronto-based international consortium of financial intelligence units known as the Egmont Group. Several of the new members have been the object of critical Financial Action Task Force evaluations in recent years.