Financial intelligence units sometimes fail to set out concrete goals and metrics to measure performance, including tracking the number of money launderers convicted, terrorist attacks thwarted and amount of assets seized, according to author Jayesh D'Souza.
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.
Banks are revamping their financial intelligence units to tackle not only money laundering but other crimes, including fraud, as part of an effort to rein in expenses, say compliance professionals.
The Egmont Group, during an April 2006 meeting, gave Bolivia one year to adopt laws or regulations identifying terrorist financing as a crime.
Egmont also admitted India, Armenia, Belarus and Niue during its annual plenary meeting, a spokesperson for the U.S. Financial Crimes Enforcement Network confirmed.
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