Egmont Group

The Egmont Group has already been briefly described previously. It has been discussed that, on July 7, 2006, Canadian officials announced establishing the permanent base of Egmont Group in Toronto (International Anti-money Laundering Organization will be Based in Toronto).

To describe the Egmont Group, to say that it is an international organization dealing with anti-money laundering and counter-terrorist financing is to say nothing. To describe the Egmont Group in more details, it should be mentioned that it the Egmont Group of Financial Intelligence Units is an informal international gathering of financial intelligence units.

The Egmont Group was established in 1995, and was named after the palace in Brussels where the 1st meeting took place. 101 countries have created FIUs as their national centers in order to collect information on suspicious or unusual financial activity from the financial industry and other entities required to report transactions that might be related with money laundering or terrorism financing.

The Egmont Group has many financial intelligence units (FIUs) as its counterparts. Normally, FIUs are not law enforcement agencies, they analyze and process the information received. These are such FIU’s as AUSTRAC (Australia) (FATF criticizes Australia), FINTRAC (Canada) (Suspicious USD 5 billion in Canada), Serious Organised Crime Agency (SOCA) (UK), Financial Crimes Enforcement Network (FinCEN) (USA), Gibraltar Co-ordinating Centre for Criminal Intelligence and Drugs/Gibraltar Financial Intelligence Unit (GCID GFIU) (Gibraltar), Federal Service for Financial Monitoring (FSFM) (Russia), Joint Financial Intelligence Unit (JFIU) (Hong Kong), Financial Investigation Agency (BVI) and others. All in all, the Group encompasses 101 countries and jurisdictions.

So, the Egmont Group provides a center for information exchange on suspicious activity.

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