Egmont Group Circle of Francophone FIUs Principality of Monaco takes part in Saly (Senegal) meeting

Representatives from Francophone FIUs during the meeting in Saly (Senegal). ©SICCFIN

The Service d’Information et de Contrôle des Circuits Financiers (SICCFIN), the Principality’s financial intelligence unit (FIU), represented by Acting Director Philippe Boisbouvier and analyst Jenny Perrot, took part in a working meeting of the Egmont Group Circle of Francophone FIUs held in Saly (Senegal) on 23 and 24 April 2019.

The Egmont Group is an international organisation which now brings together 165 FIUs. Its mission focuses on anti-money laundering and combatting the financing of terrorism (AML/CTF) activities.

Representatives from numerous countries, including Benin, France, Togo, Belgium, Senegal, Congo, Cape Verde, Mali and Cameroon, participated in the event, defining the priorities for Francophone FIUs over the coming year. These priorities will be set out during the 26^th Egmont Group Plenary in The Hague (Netherlands) in July this year.

Among other things, they discussed and worked on a number of issues relating to combatting money laundering, terrorist financing and corruption at the global level. The topics covered included:

- Combatting corruption, with a presentation of investigation techniques and ways in which FIUs can cooperate with national stakeholders (departments of justice, police forces, etc.). Countering corruption is a critical issue for the 165 members of the Egmont Group.

- Activities subject to declarations by designated non-financial businesses and professions (DNFBPs): how to improve AML/CTF compliance and the quality of suspicious transaction reports. 

- The necessary public–public partnerships between FIUs, judicial and tax authorities, the various departments within ministries of finance and the economy, customs authorities, etc. During the review of this topic, the SICCFIN representatives gave a comprehensive presentation of the mechanisms that have been introduced for this purpose in the Principality: a liaison committee, a contact group and a coordination committee.

At the end of the meeting, it was proposed that the next working meeting of the Circle of Francophone FIUs, to be held in spring 2020, should be held in the Principality of Monaco. This proposal was unanimously approved by participants. SICCFIN therefore looks forward to the honour of welcoming its counterparts to the Principality in 2020.