The Egmont Group is an international group of Financial Intelligence Units (FIU). Today, they issued a communique announcing steps they are planning to take to combat terrorism financing:
- working closely with the FATF to overcome information sharing obstacles and consider
updating the international standards on effective information sharing; - contributing to the research of TF threats and vulnerabilities associated with ISIL and FTF;
- expanding capacity to produce timely tactical and strategic analysis, including through leveraging technology to better capitalise on data;
- seeking access to even more sources of information necessary to produce actionable financial intelligence, including working in partnership with academics and broader industry sectors that have visibility of suspect purchases of terrorism related goods;
- uniting the expertise and knowledge of government, the private sector and academia to develop educational tools on terrorism financing risks and to raise awareness and professional competencies;
- assisting FIUs in expanding bilateral and multilateral cooperation to more effectively share intelligence, technology and expertise internationally and domestically, and liaise with industry and academics to counter terrorist financing to enhance effectiveness;
- supporting the improvement of the information sharing aspect of cooperation between FIUs
and domestic agencies mandated to combat terrorist financing; - improving cooperation among FIUs internationally by removing existing obstacles to
information sharing and developing tools and practices to facilitate multilateral exchanges
and joint analysis; - continuing to focus on dialogue with the private sector, to include providing indicators to
facilitate the identification and disclosure of useful financial intelligence; and, - exploring an intelligence-based approach which, complementing the suspicious-based
approach, allows obliged entities and FIUs to better identify and disrupt terrorist activities.
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