The European Union is failing to exploit valuable financial intelligence on terrorism and organized crime because of poor staffing in government bureaus and inadequate information sharing across borders, officials told parliamentarians.
Members of an intergovernmental group that shares information on money laundering and fraud are working to improve the financial intelligence units in sub-Saharan Africa, according to the organization's annual report.
The Egmont Group, a Toronto-based association of financial intelligence units, suspended El Salvador from membership on June 5 on the grounds that its terrorist financing controls are inadequate.
Nine jurisdictions, including Saudi Arabia, Sri Lanka and Macau, have joined the Toronto-based international consortium of financial intelligence units known as the Egmont Group. Several of the new members have been the object of critical Financial Action Task Force evaluations in recent years.
The Egmont Group, which is turning 10 this year, will meet to discuss the role of financial intelligence units in money laundering and terrorist prevention at its upcoming plenary in Washington, D.C.
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