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. Financial intelligence units, or FIUs, are tasked with receiving and assessing suspicious activity reports supplied predominantly by banks, and disseminating case leads to domestic law enforcement agencies and their foreign counterparts to tackle money laundering, terrorist financing and other financial institutions. Every FIU across the 28-nation bloc is inadequately staffed in terms of quantity, and, at times, quality, of personnel, Sebastian Fiedler of the Association of German Criminal Investigators,...
Financial institutions in the European Union are failing to recognize the controlling minds behind sophisticated money laundering operations by only "mechanically" applying EU rules aimed at piercing corporate secrecy, the bloc's executive branch said Monday.
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.
The U.K.'s top law enforcement agency will no longer accept incomplete request forms from banks seeking approval to process transactions potentially violating legislation against financial crime and terrorism.