Egmont Group Executive Secretary Highlights Key AML/CTF Efforts at Parliamentary Intelligence-Security Forum
On December 4, 2024, Jerome Beaumont, Egmont Group Executive Secretary, was pleased to present at U.S Congress in Washington, D.C., before 270 parliamentarians from 73 countries and live to over 7,000 viewers online at the Parliamentary Intelligence-Security Forum. Mr. Beaumont presented the Egmont Group’s role as the unique global organization facilitating operational information exchanges, expertise sharing, and capacity building among 177 FIUs worldwide.
The Executive Secretary also highlighted several key points:
He emphasized the importance of robust international cooperation in the fight against money laundering, associated predicate crimes, and terrorist financing, pointing out that the combined efforts of various Financial Intelligence Units (FIUs) are essential to address the complexities of transnational criminal activities.
Mr. Beaumont underscored that in 2023 alone, Egmont Group member FIUs received in total over 600 million reports, this staggering volume of data is available to the 177 Emont FIU members through international cooperation but highlights the critical need for adequate resources for FIUs. The integration of AI and modernization initiatives in FIUs showcases the potential of technology in enhancing financial intelligence. However, the human element remains indispensable. Skilled professionals are essential for adapting and evolving with technological advancements
Finally, Mr. Beaumont highlighted the importance of Public-Private Partnerships. PPPs significantly enhance financial intelligence sharing and AML efforts. Initiatives like “Project Protect” (FIU-Canada) demonstrate the power of collaboration between financial institutions, FIUs and law enforcement in combating human trafficking and other crimes.
While in Washington, DC, Jerome Beaumont took the opportunity of meeting with Andrea Gacki, Director of Financial Crimes Enforcement Network, US Treasury (and former director of OFAC) and discuss current Egmont Group activities as well as to acknowledge the ongoing support and commitment that FinCEN has shown to Egmont and to the whole AML/CTF community, especially through supporting the INL / U.S State Department funding of the Egmont Capacity Program ECOFEL. INL has been one of the largest ECOFEL donors and supporters. Their substantial support has significantly aided FIU members in enhancing their capabilities and resources.
Finally, this week in Washington DC was also a great opportunity for Jerome Beaumont to meet with Luis Urrutia, Deputy General Counsel at the International Monetary Fund. While acknowledging the excellent Egmont Group & IMF collaboration, they explored ways to deepen cooperation between the two organization.
