Int’l meeting discusses measures to counter money laundering

The Financial Intelligence Office (GIF) is hosting the 24th plenary meeting of the Egmont Group of Financial Intelligence Units.

The meeting is being attended by over 350 delegates from more than 110 financial intelligence units (FIU) worldwide, and will be held from yesterday and until July 7 at the Conrad Macao Hotel. Attendees will share experiences and discuss matters regarding anti-money laundering and counter-terrorist financing, the GIF informed in a press statement.

The Egmont Group is a united body of Financial Intelligence Units around the world. It was established in 1995 from a group of FIUs specializing in analysis of financial intelligence and suspicious transactions, in order to support the investigation of financial and other crimes.
The group aims to facilitate the exchange of intelligence and foster cooperation among its members, as well as to provide support and training to FIUs and other stakeholders to assist their establishment and operations.

Since its creation, the Egmont Group has served as a platform for members to exchange information and experience – especially in relation to countering money laundering and terrorist financing crimes – and has developed into a body of 154 members.

Macau’s GIF, a member of the group since 2009, said, “The effective sharing of information through the Egmont platform has undoubtedly raised the competence of the GIF and law enforcement agencies in Macau over these years in their analysis and investigation of suspicious money laundering and other predicate crimes.”

The GIF also noted that they have signed 19 cooperation agreements over the past few years with fellow FIUs, including those in Asia Pacific, Eurasia, Europe and North America. They expect to sign another agreement with an FIU during the current plenary meeting.
The GIF also noted that a new Asset Freezing Regime will soon enter into force, equipping the region with a new tool against the increase in terrorist financing activity expected during this year.  RM