Today, at the ministerial conference of No Money for Terror in Munich, the Egmont Group Executive Secretary, Jerome Beaumont delivered a speech highlighting the critical role of Financial Intelligence Units (FIUs) in combating terrorism financing. The Executive Secretary emphasized the importance of multilateral information exchange and the innovative responses needed to address emerging risks posed by technological advancements.
Key points from the intervention:
- Technological Challenges: Virtual assets can be misused to recruit individuals, move funds anonymously, and finance operations through the dark web. FIUs are pivotal in detecting suspicious patterns and tracing illicit flows.
- Propaganda and Financing: Terrorist organizations use sophisticated online campaigns to inspire extremism and spread fear. FIUs, with advanced analytical tools, can identify emerging trends and collaborate with the private sector to disrupt these dark networks.
- Public-Private Partnerships (PPPs): Enhancing early sharing of intelligence through PPPs enables financial institutions to detect and disrupt threats before they materialize. These partnerships also help uncover links in the aftermath of attacks.
Mr. Beaumont also promoted the Egmont Centre of FIU Excellence and Leadership (ECOFEL) as a crucial program under the Egmont Group. ECOFEL enhances FIU capabilities through training, research, and technical assistance. By fostering the development of cutting-edge analytical techniques and promoting best practices, ECOFEL equips FIUs to tackle modern financial crimes effectively. It also emphasizes multilateral cooperation, bringing together experts and practitioners from around the globe to build a robust network dedicated to safeguarding financial systems.
Egmont extended congratulations to FATF President Elisa de Anda Madrazo and UNODC Director General Ghada Waly for their insightful contributions on financial inclusion and multilateral cooperation. Additionally, Egmont expressed gratitude to the host, German Minister of Finance Jörg Kukies, Deputy Director General and former FATF President Marcus Pleyer, and the head of the German FIU, Daniel Thelesklaf, for their significant roles in the conference.
