Combatting Financial Crime through data sharing

18 March 2020
Combatting Financial Crime through data sharing image
Combatting Financial Crime through data sharing
18 March 2020 2020-03-18T11:19:26+01:00 2020-03-18T11:19:32+01:00
Frankfurt, 60329, Germany Venue to be confirmed,Frankfurt,60329,Germany

Please join senior compliance leaders at this evening Briefing on 18 March 2020 to discuss with your peers potential challenges, pitfalls and opportunities from new information-sharing proposals; which national intelligence sharing schemes are working and why; how do we remove internal barriers; and where is this working.

 

Financial Action Taskforce (FATF) is the intergovernmental organisation whose key objectives is to periodically evaluate the member states against its recommendations  to counter money laundering (ML) and terrorism financing (TF) threats.

Reforms to the system are long overdue. The regulated sector for long has been highlighting that the SAR regime is not fit for purpose; it is simply not fit to foster holistic approach to risk as advocated by the regulators globally. But this is going to change! One big power that FATF evaluations carry is the peer pressure to enact change. 

The 5th AML Directive stresses that FIUs’ collaboration plays an important role in tracing cross border flows of money to illicit networks at an early stage. 

FIUs’ functions, competences and powers do differ across Europe as there are no prescriptive international standards, however, Member States are encouraged to ensure a more efficient and coordinated approach to deal with financial investigations such that empower FIUs to: 
  • Continuously enrich their data with intelligence provided by competent authorities, held by another FIU or accessed from obliged entities without undue delays
  • Conduct their own analysis with the aim of establishing links between suspicious transactions and underlying criminal activity
  • Disseminate the results of its analysis as well as additional information to the competent authorities where there are grounds to suspect money laundering, associated predicate offences or terrorism financing
In addition, in March 2018, the EU Parliament adopted an own-initiative report recommending the setting up of a European counter-terrorism financial intelligence platform with a joint database for data on physical and legal persons and suspicious transactions. The Commission is also working towards a future “European Intelligence Unit”. Concerns have been raised in relation to data protection and the right to privacy which is still under debate. Equally important is the blurring in the distinction between data collected for intelligence purposes and for investigative purposes which has a negative impact on the cross-border cooperation of FIUs. What would be the impact of a reinforcement of FIUs and the setting up of a European counter-terrorism financial intelligence platform with a joint database for data on physical and legal persons and suspicious transactions.

Register your interest to attend by emailing: florence.heynard@baesystems.com
 
Please note that this Briefing is solely dedicated to the financial sector and not open to anyone else.  We reserve the rights to cancel your registration if you are not part of the banking community.