Egmont Group Calls For More Efficient Exchange Of Information

by Ulrika Lomas, for LawandTax-News.com, Brussels

10 October 2005

Financial intelligence officials from 47 countries gathered in Bulgaria last week to discuss how improvements could be made to systems for uncovering cases of money laundering under the auspices of the Egmont Group.

The Egmont Group, which has a current total membership of 94 countries, was established in 1995 and brings together anti-money laundering organisations and financial intelligence units from all over the world. The Group aims to improve communication and co-ordination between the various agencies.

Bulgarian Financial Intelligence chief Vassil Kirov told AFP that a key part of the Group's work is ensuring that information can be disseminated and shared between counties quickly, and is not held up by obstacles such as banking secrecy.

"In order to have a preventive role they have to be able to quickly share information among themselves, and not be delayed due to restrictions," he stated.

Kirov also observed that the Group has made substantial progress during its ten year existence in combatting money laundering, noting that in most cases members are now able to identify the owners of companies suspected of involvement in money laundering.

In its Wednesday meeting, the Group called upon all members to ensure that financial legislation allows for the speedy exchange of information between countries.

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