On Wednesday, October 4, 2023, Interim Chair of the Egmont Group of FIUs Elżbieta Franków-Jaśkiewicz presented Egmont Group’s perspective on new risks and trends in ML/TF at the ACAMS Chapter in Poland.
Key takeaways from the presentation included:
- FIUs continued collaboration to strengthen AML/CFT systems across jurisdictions
- Virtual assets and virtual asset service providers (VASPs) posing increased barriers to AML/CFT
- The vulnerabilities of non-financial industries (real estate, the arts, and upscale items) becoming targets for tax avoidance and money laundering
- Trade-Based Money Laundering (TBML) and Service-Based ML (SBML) are other growing trends in ML that pose risks to private institutions.
ML/TF are complicated and dynamic processes that call for ongoing attention and collaboration from all parties involved, including private industry.
The Egmont Group continues to work with its member FIUs to identify and provide best practices and recommendations regarding outstanding ML/TF risks and patterns so we can continue to combat Money Laundering and Financial Terrorism together.
