New Publication: Set of Indicators for Corruption Related Cases from the FIUs' Perspective

Egmont Group Set of Indicators for Corruption Related Cases from the FIUs’ Perspective

 

November 2018 - Corruption is a pervasive crime that affects all countries and economies. In addition to hindering economic growth, corruption erodes trust in governments, diverts government resources away from important initiatives, and impacts the delivery of vital services, such as health care, national infrastructure, and education. Corruption, like so many crimes, is motivated by profit and greed. As a result, financial intelligence plays a vital role in detecting and prosecuting corrupt activities.

In order to enhance the intelligence available to FIUs, it is important for FIUs and law enforcement to work with financial institutions and other front-line reporting entities to improve the identification of suspicious transactions and activities indicative of corruption. To facilitate this work, the Egmont Group has compiled a set of indicators that may, when considered in the context of a transaction or customer interaction, assist in the identification of corruption and of the laundering of the proceeds of corruption.

This set of indicators is approved by the Heads of FIU during the Egmont Group plenary meeting in Sydney (24-27 September 2018), it is not exhaustive and will be amended and supplemented in accordance with feedback received from Egmont Group members, Observers, International Partner Organisations, different competent authorities, and reporting entities.