We are thrilled to share insights from Executive Secretary Jerome Beaumont’s intervention at the FIBA panel discussion, “Public-Private Sector Dialogue: Strengthening Defenses Through Collaborative Consortiums,” moderated by Mariano Federici and joined by Roberto De Michele IADB Division Chief.
Mr. Beaumont emphasized the critical role of Public-Private Partnerships (PPPs) in enhancing FIUs and the AML/CFT regime. Key takeaways include:
- PPPs foster strategic and operational cooperation, leading to better typologies and more actionable intelligence.
- PPPs create an ecosystem of trust, encouraging innovation and advanced technologies.
- FIU leadership is vital in managing secure information exchange, enhancing overall effectiveness.
The EG has fostered PPPs, incorporating red flags and indicators for early crime detection. Projects like Laundromats test risk indicators on FIU and bank datasets, while the Cyber Enabled Fraud (CEF) project helped effectively report and recover assets from CEF.
Mr. Beaumont highlighted key examples of PPPs, including the Canadian-led Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Project Protect, which significantly increased STRs related to human trafficking. He also mentioned Project Shadow, Project Guardian, Project Chameleon, and Project Athena, and noted Financial Crimes Enforcement Network (FinCEN)’s collaboration announced at the FinCEN-FINTRAC Symposium in October 2024, enhancing international cooperation.
Mr. Beaumont also highlighted significant efforts in Australia, the EU, the UK, the Netherlands, and the U.S. to enhance PPPs.
These initiatives showcase the power of PPPs. We look forward to seeing how these partnerships continue to evolve and strengthen global AML/CFT efforts.
