The Egmont Group published insights from Executive Secretary Jerome Beaumont’s remarks at a FIBA panel on public-private sector dialogue, setting out how public-private partnerships (PPPs) can enhance financial intelligence units (FIUs) and the effectiveness of anti-money laundering and counter-terrorist financing (AML/CFT) frameworks. The intervention focused on PPPs as a mechanism to improve operational cooperation, generate better typologies and more actionable intelligence, and support secure information exchange led by FIUs. The note highlighted Egmont Group work to foster PPPs, including incorporating red flags and indicators for early detection of crime. Examples included the “Laundromats” initiative, which tests risk indicators using FIU and bank datasets, and the Cyber Enabled Fraud project, which supported reporting and asset recovery in cyber-enabled fraud cases. Beaumont also cited FINTRAC’s Project Protect as increasing suspicious transaction reports related to human trafficking, referenced initiatives such as Project Shadow, Project Guardian, Project Chameleon and Project Athena, and noted FinCEN’s collaboration announced at the FinCEN-FINTRAC Symposium in October 2024 to enhance international cooperation, alongside efforts underway in Australia, the EU, the UK, the Netherlands and the US.
Egmont Group 2025-03-28
Egmont Group outlines how public-private partnerships can strengthen FIUs and AML/CFT at FIBA dialogue
The Egmont Group stressed public-private partnerships' role in enhancing financial intelligence units and anti-money laundering frameworks, highlighting initiatives like "Laundromats" and Cyber Enabled Fraud projects. Executive Secretary Jerome Beaumont noted collaborations such as FINTRAC’s Project Protect and FinCEN’s international cooperation to improve operational cooperation and intelligence exchange.