Recently the Egmont Group, the global organisation of 159 Financial Intelligence Units published its annual report 2017/2018.
There is a lot that arouses my curiosity, like what “Business Email Compromise Phase II” is. And what is behind “Corporate Vehicles and Financial Products“?
Interestingly the report notes challenges for the FIUs, like technical issues (“compatibility of software between partners may hamper the timely exchange of (specific) information“) and differences in level of expertise. These types of challenges are completely neglected in the case of the ‘obliged entities’, the private parties (like banks, auditors) that have to fulfill investigation tasks in relation to criminal offences.
AML – CFT – CORFIN – CT – FTF – ML etcetera
For those who struggle with the abbreviations, on page 42 there is a glossary of terms. Most are organisational. There are some interesting ones like:
- AML – Anti-Money Laundering
- CFT – Counter Financing of Terrorism
- CORFIN – Corporate Vehicles and Financial Products
- CT– Counter Terrorism
- FTF – Foreign Terrorist Fighter
- ML – Money Laundering
There are three types of reports:
- SAR – Suspicious Activity Report
- STR – Suspicious Transaction Report
- UAR – Unusual Activity Report
If you know these by heart you are an expert.