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Some Financial Intelligence units facing communication problems – EC

first_imgThere are serious coordination and communication problems within a number of EU member states’ Financial Intelligence Units (FIU), a European Commission report to the Parliament and Council says.The publication entitled, ‘Towards better implementation of the EU’s anti-money laundering and countering the financing of terrorism framework,’ identifies that there are a number of FIU across the European Union, which are not engaging properly in their duties to investigate suspicious financing, engage relevant bodies or to share information between themselves.Although the document does not name the member states in question, it states instead that, ‘some Financial Intelligence Units fail to engage in a meaningful dialogue with obliged entities by giving quality feedback on suspicious transaction reports. The lack of templates for reporting also hampers the quality of the reports by obliged entities. Several Financial Intelligence Units do not fully comply with their obligation to exchange information with other Financial Intelligence Units.’This briefing report is a reaction to the Commission’s Article 65(2) of the Anti-Money Laundering Directive. Its aim is to look at the framework for FIU to operate along as well as to cooperate and coordinate with foreign countries and entities.Within the reaction, it is also highlighted that technical issues and a lack of uniformity of information exchange led to serious problems for FIU to be effective.‘The recurrent technical difficulties in the functioning of the FIU.net seem to have been an important factor and make it more cumbersome for Financial Intelligence Units to share information. The assessment also showed that the lack of regulation of exchanges of information between Member States’ Financial Intelligence Units and Financial Intelligence Units of third countries led to a non-harmonised approach to such exchanges. The compliance of such exchanges with the Union’s data protection framework also needs to be ensured.’Read more:Government and Opposition react to a report yet to be publishedFinancial disclosure requests increased by 116% in 2018 – FIAU reportMFSA published its Anti-Money Laundering/Countering Financing of Terrorism Supervisory StrategyExclusive: ‘Malta must do more against money laundering’ – JourováOnly intervene after risks ariseAlongside the report into the effectiveness of some Financial Intelligence Units, the report also warns about speed of supervisors within credit institutions to raise the alert about risks.In an assessment of 10 case studies on credit institution’s effectiveness identifying money laundering and terrorism financing between the period of 2012 and 2018, they state that some alerts only came about after risks had already materialised. Their yardstick of success was thus based on supervisors being to pre-emptively take action.‘In some cases, supervisors were effective in pre-emptively identifying shortcomings in credit institutions and requiring remedial action, but in a number of other cases, supervisors only intervened after significant risks had materialised or in the face of repeated compliance and governance failures. The timeliness and effectiveness of subsequent supervisory measures imposed on credit institutions varied greatly. Group supervision from an anti-money laundering and countering of financing terrorism perspective was largely deficient. Regulatory and supervisory fragmentation impinged on the effectiveness of cooperation among various actors concerned.’These are just two of the cases raised in the publication referring to the measures to combat the risks of money laundering and terrorism financing, as well as efforts to improve the legislative framework.The full document can be viewed here: WhatsApp <a href=’http://revive.newsbook.com.mt/www/delivery/ck.php?n=ab2c8853&amp;cb={random}’ target=’_blank’><img src=’https://revive.newsbook.com.mt/www/delivery/avw.php?zoneid=97&amp;cb={random}&amp;n=ab2c8853&amp;ct0={clickurl_enc}’ border=’0′ alt=” /></a> SharePrintlast_img read more