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MARSHALL ISLANDS: Financial Intelligence Unit (FIU) Joins Global Network to Combat Financial Crimes
The Egmont Group of Financial Intelligence Units (FIUs), an international network of FIUs, has welcomed Marshall Islands’ Financial Intelligence Unit (FIU) as its latest member. This move strengthens the global fight against money laundering, terrorist financing, and other financial crimes.
About the Egmont Group
As a founding member of the Egmont Group, FinCEN continues to work closely with the organization to promote effective information sharing and collaboration for anti-money laundering (AML) and combating the financing of terrorism (CFT) purposes. The Egmont Group provides its members with a platform to:
- Exchange financial intelligence and information
- Improve expertise and capabilities of personnel
- Enable secure communication with one another
History of the Egmont Group
The Egmont Group began in 1995 as a small group of national agencies seeking to cooperate amongst themselves. Since then, it has grown dramatically from a small group to more than 160 FIUs. The organization is structured to meet the AML/CFT challenges of its members, the volume and diversity of membership, and the organization’s workload.
Leadership and Structure
The Egmont Group is led by the Heads of FIU, who set the goals and objectives of the organization and make many of the decisions for the group. The Egmont Committee implements the mandate of the Heads of FIU and serves as a consultative and coordination body for the Heads of FIU, working groups, and regional groups.
Regional Groups and Working Groups
The Marshall Islands’ FIU is now part of eight Regional Groups within the Egmont Group, which provide an opportunity for FIUs to coordinate on regional issues and communicate with the group. The Egmont Group also has four working groups:
- Information Exchange
- Membership, Support, and Compliance
- Policy and Procedures
- Technical Assistance and Training
Egmont Centre of FIU Excellence & Leadership (ECOFEL)
In 2018, the Egmont Group established ECOFEL to provide specialized training, mentoring, coaching, and other support to FIUs.
Meetings and Activities
The Egmont Group meets at least twice a year either in person or virtually for the Egmont Committee and working groups, including the annual plenary session for the Heads of FIU, member FIUs, and observer organizations. With its membership in the Egmont Group, Marshall Islands’ FIU will now be able to share financial intelligence and information with other members and participate in global efforts to combat financial crimes.