| Subject: | Re: Out-of-session endorsement of the IEWG "Conclusions from Large Scale Cross-border ML Schemes" Case Book |
|---|---|
| Date: | Mon, 31 Aug 2020 08:37:48 -0400 |
| From: | Nedko Krumov <nedko.krumov@egmont.org> |
| To: |
**Letter on behalf of the EG Chair - Ms. Hennie VERBEEK-KUSTERS**
Dear HoFIU,
I hope this letter finds you well.
I would like to inform you that August 27th was the final deadline for collecting your comments and endorsement of the Case Book prepared within Work stream III of the IEWG Project “Conclusions from Large Scale Cross-border ML Schemes”, and its dissemination strategy.
Within the deadline we received your full support to the endorsement of the above-mentioned document. Some small editorial changes were suggested and will be reflected in the final product but they are not going to change the substance,
the analysis or the conclusions presented in the Case Book. Therefore, within the authority granted to me by the Charter (Section 6.2-B-2 – The Chair builds consensus within the Egmont Group), I would like to conclude the consensus within Egmont Group to endorse
the following document:
The above-mentioned product will be soon available on ESW and in accordance with the approved dissemination strategy will be provided as an input to the joint FATF-Egmont project on TBML, with the proposal to be included as an Annex to the project report.
I would like to take the opportunity here to congratulate the IEWG project team for the excellent job done.
Thank you very much.
Best regards,
Hennie VERBEEK-KUSTERS – Chair of Egmont Group
** Letter on behalf of the IEWG Chair**
Dear Heads of FIU,
We hope you are well and healthy!
Please find attached the Case Book resulting from Work Stream III of the Information Exchange Working Group (IEWG) project on Conclusions from Large Scale Cross-Border ML Shemes (together with the necessary Memorandum), which is undertaken as part of the work within the IEWG Stream 1 (Promotion, Support and Facilitation of Bilateral and Multilateral Exchange of Financial Intelligence and Strategic Information).
The report’s objective was to initiate a discussion and development of possible approaches to identify networks, patterns for cross-border money laundering streams by pooling FIUs insights and findings derived from past “Laundromats” and testing these on current data and develop useful products for FIUs such as indicators, typologies and sample cases and other tools. The work in Work Stream III of the project was successfully completed with the compilation of a case collection (“Case Book”). The objective of the case collection work is to enhance knowledge on different methods and techniques of money laundering by sharing sample cases which FIUs in different countries have observed and analyzed. The Case Book with its collection of case studies, all sanitized and in part shortened and simplified by the contributing FIUs, illustrates, in abstract ways, different modes of operandi and typologies that were applied when laundering illicit funds. Thus, the collection is intended to serve as stimulus and to raise awareness among AML-stakeholders on the variety and diversity of schemes when analyzing possible instances of money laundering.
In the meanwhile, due to the COVID-19 outbreak and as of the decision taken by IEWG in Mauritius to contact relevant representatives of the private sector in order to verify with them the list of red flags previously developed by the project team, the work on the other two work streams I and II of the project will continue within the next IEWG Business Plan 2020-2021.
Further to IEWG’s endorsement and the project team’s presentation at the July 2020 IEWG virtual meeting, this Case Book is being circulated for your out-of-session approval. You are therefore invited to provide your endorsement and/or comments by August 27th, 2020. As usual, a non-response will be considered as a tacit approval of the attached Case Book, together with their dissemination strategy.
Thank you very much for your consideration.
Kind regards,
The Egmont Group Secretariat