Financial intelligence units, which are regarded as one of the key defences against money laundering, need to be able to adapt and respond in order to remain relevant, according to the Egmont Group's annual report. The group, which represents 139 FIUs worldwide, said they faced tough challenges if they wanted to remain meaningful. Murray Michell, incoming chairman of the group, said FIUs had to demonstrate how they provided value-added intelligence to law enforcement and regulators. He said the role of FIUs would expand in future. "FIUs will also be expected to conduct strategic analysis and contribute to national ML/TF risk assessments in addition to their traditional role," he said. Michell said FIUs would have to adapt and respond to the ever-changing environment in order to remain relevant. "Foremost among these is the need for FIUs to be able to receive and process large volumes of data, adapt to rapid technology changes, and to develop the capability to produce financial
↧
