New Publication: FIU Tools and Practices for Investigating Laundering of the Proceeds of Corruption (Public Summary)
During the 26th Egmont Group Plenary meeting in The Hague, The Netherlands, the Heads of FIU (HoFIU) endorsed the Egmont Information Exchange Working Group’s (IEWG) final report on FIU Tools and Practices for Investigating Laundering of the Proceeds of Corruption and its Public Summary.
The purpose of the Report is to examine tools, methods, techniques, and indicators associated with laundering the proceeds of corruption, used by FIUs and other authorities in order to collect, analyze and disseminate financial intelligence on cases related to corruption. This Report will enable FIUs to learn from shared experience, strengthen their ability to identify and analyze cases related to laundering the proceeds of corruption, and continue adding value to multi-stakeholder anti-corruption efforts.
The Report should also support private sector reporting entities in their efforts to identify and subsequently report cases of money laundering of the proceeds of corruption. This is one of the main goals of the amended Set of Indicators, which is an integral part of the Report. The amended list now contains more than 70 indicators, an increase of almost one third.
The Report is intended for Financial Intelligence Units (FIUs) that are members of the Egmont Group, and their respective law enforcement counterparts with competences in the fight against corruption. The Public Summary provides an overview of the Report, highlighting the methodology and definitions used as well as some key findings.
The Report will not be disclosed to the general public as it contains sensitive information. However, FIUs will use the report to inform their domestic competent authorities in order to improve the detection of this money laundering scheme.
The Public Summary in English can be found here.
The Public Summary in Spanish can be found here.
