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Date: April 30, 2024 Tue
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1 results foundAuthor: European Commission. Directorate General Justice, Freedom and Security Title: Study on "Best Practices in Vertical Relations between the Financial Intelligence Unit and (1) Law Enforcement Services and (2) Money Laundering and Terrorist Financing Reporting Entities with a View to Indicating Effective Models for Feedback on Fol" Summary: The objective of the study was to make an inventory on the provision of feedback between the Reporting Entities (REs), the Financial Intelligence Units (FIUs) and Law enforcement Authorities (LEAs). 25 Member States were visited and a large number of interviews were held. Feedback should be provided and received in the following ways: (1) Feedback should be received by the REs in reaction to the financial reports (STRs) the REs are legally obligated to send to the FIUs of the different Member States. (2) Feedback should be provided by LEAs to the FIUs in reaction on the dissemination by the FIU of financial information on the basis of the STRs received from the REs. The interviews of personnel from the REs, FIUs and LEAs indicated a level of feedback (FIU->RE) as generally recommended in the Best practice Guidelines on Providing Feedback, published in 1998 by the FATF. There are some new developments like indications on quality of STRs being fed back to the REs. The main forms of feedback between those entities (FIU->RE) are however still based on the recommendations of the FATF. Feedback in the 25 Member States consists mainly of general feedback (the organisation of AML-meetings, workshops, statistics, typologies, trends, sanitised cases etc.) and specific feedback (individual or case to case) on the outcome of specific STRs reported by the REs. This last form of feedback seems to be provided in an informal way in most Member States. Some forms of formal obligations to provide specific feedback between FIUs and LEAs and from the FIUs to REs were found in some Member States. It was also found that even if there was a formal obligation for LEAs and the FIU to provide feedback to each other and the REs, this not always meant that feedback was supplied to the REs. The general impression of the AML activities in relation to feedback within the Member States visited by the Team is that most Member States still rely on the "old" recommendations of the FATF (1998) on feedback. New ways to provide feedback are hardly developed. Good communication and information exchange with the REs is not sufficiently implemented in a lot of Member States. Contacts between reporting Entities and the FIU as well as Law enforcement authorities seem to have decreased in some Member States. "The number of meeting, conferences and training sessions have become less and less, AML information is not sent as frequently as in the past, the relation between FIUs, Reporting Entities and Law enforcement, in relation to the money laundering approach has cooled down". General Remarks like this by a number of REs seem to suggest a declining interest in AML activities. A possible explanation for this may be the lack of communication and cooperation within the AML chain (REs, FIUs and LEAs), continuous organisational changes that some institutions are facing, complicated AML legislation and lack of sufficient results in the form of ML convictions. Audits performed in some Member States on the effectiveness of AML Institutions showed few achievements in the fight against ML, and as a consequence, usually a reorganisation of the AML institutions was undertaken in some countries. Some examples of these changes are The Netherlands (2006 MOT to the FIU the Netherlands), The United Kingdom (2006 NCIS to SOCA) and presently Italy (2008). Other Member States have relocated their FIU organisation or created new functions like a police liaisons within their units, e.g. Bulgaria, Lithuania, Hungary and Estonia. In addition, FIUs and REs expressed their concern about the increasing number of tasks that have been assigned to them in relation to the traditional AML activities and or new specific tasks regarding the financing of terrorism. This report certainly does not pretend to be of a scientific nature but merely an introduction to the problem of feedback. One thing is certain, there is a lot of improvement to be made in the communication and cooperation between the different AML institutions. Details: Brussels: European Commission, 2008. 101p. Source: Internet Resource: Accessed August 8, 2015 at: http://ec.europa.eu/dgs/home-affairs/doc_centre/crime/docs/study_fiu_and_terrorism_financing_en.pdf Year: 2008 Country: Europe URL: http://ec.europa.eu/dgs/home-affairs/doc_centre/crime/docs/study_fiu_and_terrorism_financing_en.pdf Shelf Number: 136357 Keywords: Criminal InvestigationFinancial CrimesInformation SharingLaw EnforcementMoney LaunderingsOrganized CrimeTerrorist Financing |