The Egmont Group of Financial Intelligence Units has lifted suspension on Nigeria, and restored privileges during its annual plenary in Australia.
AUSTRAC is hosting the 25th Egmont Group Plenary (the Plenary) meeting from 24-27 September 2018 in Sydney.
The Egmont Group is a body made up of 155 financial intelligence units (FIUs) from around the world. It facilitates the exchange of financial intelligence, expertise and capability to combat money laundering, terrorism financing and serious financial crime.
Apprehensive that the Egmont group would expel Nigeria if the nation’s compliance issues persisted till March 11, the National Assembly had in a rush last week, passed the NFIU Bill, 2018, relocating the NFIU from the EFCC to the Central Bank of Nigeria.
The Egmont Group had, at its plenary of the Heads of FIUs in Macau on July 5, 2017, suspended and disconnected the NFIU from the Egmont Secure Website, a platform used for the exchange of information by members.
Apart from the NFIU, the FIUs of Italy, Saudi Arabia, El Salvador, and two other nations are also tabled for discussion at the ongoing September 2018 plenary.
The Plenary event brings together the Heads of FIUs to make operational decisions based on the recommendations of the Egmont Committee and Working Groups. The Plenary represents an opportunity to further strengthen the relationships and intelligence sharing between FIUs around the world and expand the Egmont Group network still further.
The Egmont Group supports efforts of its international partners and other stakeholders to give effect to the resolutions and statements by the United Nations Security Council, the G20 Finance Ministers, and the Financial Action Task Force (FATF).
The organisation draws upon operational experience to inform policy considerations, including anti-money laundering and counter-terrorism financing (AML/CFT) implementation and reforms.
Over 400 delegates from FIUs around the world are attending the 25th Plenary in 2018.