The Egmont Group of Financial Intelligence Units (FIUs) is pleased to announce the successful conclusion of the COP-29 Egmont Group sessions, held on November 16, 2024. The two sessions Opportunities for financial intelligence to contribute to the global efforts in tackling anthropogenic climate change and the role of FIUs and their law enforcement partners in the fight against environmental crime brought together leading executives, experts and stakeholders to discuss and address the vital role of financial intelligence in supporting the global efforts to combat the negative effects of anthropogenic climate change.
The sessions were inaugurated by Mr. Zaur Fatizada, Chairman of the Executive Board of the Financial Monitoring Service of the Republic of Azerbaijan, Mr. Mohammed Shahid Ahmed, Egmont Group Vice-Chair, and Mr. Azer Abbasov, Deputy Head of FIU Azerbaijan.
Impactful addresses were provided from distinguished speakers such as:
- Keynote address by Ms. Ghada Fathi Waly, Executive Director of the United Nations Office on Drugs and Crime (UNODC)
- Major General Ahmed Naser Al-Raisi, President of INTERPOL
- Jerome Beaumont, Executive Secretary, Egmont Group
- Mr. Pieter Smit, Acting Head of FIU South Africa
- Fabrizio Fioroni – AML/CFT expert at UNODC
- Fuad Aliyev – International Cooperation Director of FIU Azerbaijan
Key takeaways include:
- Financial intelligence can support the global efforts to tackle the negative effects of anthropogenic climate change, as many activities harming the sustainable climate are done for profit by transnational crime syndicates.
- Financial Intelligence Units (FIUs) rapidly exchange financial intelligence, leveraging their knowledge and private-sector partnerships to combat organized crime and environmental offenses.
- Environmental crimes like illegal logging, which exacerbates climate change through deforestation, can be disrupted by tracing financial profits and identifying involved parties through financial intelligence.
- Environmental crimes such as illegal mining, overfishing, and waste trafficking are both environmentally harmful and highly profitable, requiring robust financial intelligence to address.
- Financial institutions, and the private sector are crucial in detecting suspicious transactions and preventing illicit finance from undermining climate goals. International organizations can facilitate their efforts through targeted outreach and support.
- Public-private partnerships and advanced analytical tools are essential in enhancing efforts to prevent illicit finance from affecting environmental integrity.
- Investing in financial intelligence is key to dismantling financial networks that profit from environmental harm and ensuring funds for climate action are protected from corruption.
The COP-29 Egmont Group sessions provided a platform for knowledge exchange and collaboration among FIUs, law enforcement agencies, and international organizations. Participants engaged in discussions on best practices, emerging trends, and effective measures to enhance global financial integrity.
The Egmont Group remains committed to fostering international cooperation and strengthening the global fight against financial crimes. The outcomes of these sessions will contribute to the development of robust strategies and initiatives aimed at safeguarding the integrity of the global financial system.
The Egmont Group would like to thank Mr. Zaur Fatizada, Head of FIU Azerbaijan, Mr. Azer Abbasov, Deputy Head of FIU Azerbaijan, Mr. Fuad Alyev, Director at FIU Azerbaijan and the entire team of FIU Azerbaijan for their trumendeous efforts to make the event successful.
