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Standards for Information Sharing: Key Takeaways and Recommendations

Effective information sharing is crucial in combating financial crime and terrorism. The Financial Action Task Force (FATF) has made significant progress in adopting revisions to Recommendations 2 and 18, but challenges persist.

Key Challenges and Opportunities

Effective Information Sharing is Crucial

• Facilitating increased sharing of information, including financial activity, threat, and risk data linked to crime and terrorism.
• Encouraging cooperation and coordination between AML and data privacy authorities.

FATF Progress

• Adoption of revisions to Recommendations 2 and 18 on national cooperation and coordination between AML and data privacy authorities, and intra-group information sharing for Financial Institutions (FIs).

Challenges in Implementation

• Many still face challenges in implementing group-wide sharing.
• Inconsistency in applying the standard across jurisdictions.

Opportunities for Improvement

• Further testing of the implementation status of Recommendation 18 through the Mutual Evaluation Report (MER) process.
• Consideration of future horizontal reviews of intragroup information sharing.

Recommendations

Strengthening Implementation of Recommendation 2

• Revisions to the associated interpretative note (INR.2) are necessary to strengthen the basis for implementation.

Establishing Binding Standards for Information Sharing

• Consider moving from non-binding to binding recommendations on establishing domestic and cross-border information sharing mechanisms.
• This will ensure that countries implement effective anti-financial crime systems.

Reviewing Sound Practices Across Jurisdictions

• Continued review of sound practices across jurisdictions, where good examples of information sharing can inform best practices.