As a member of the Egmont Group of Financial Intelligence Units, the Gibraltar Financial Intelligence Unit (GFIU), has attended the 29th Annual Egmont Group Plenary, in Abu Dhabi, hosted by the UAE Financial Intelligence, between the 3rd and 7th of July 2023.

The GFIU was represented by its Director, Edgar Lopez, and Crown Counsel, Carl Ramagge who joined over 500 representatives from FIUs across the world, Heads of FIUs, and other experts in financial crime to discuss operational and strategic matters that help protect global financial institutions from criminal abuse and improve collaboration to exchange information. 

This year’s theme was the “Use of Advanced IT Technologies by Financial Intelligence Units (FIUs) to Enhance their Operations”, which included the use of artificial intelligence to improve effective collaboration, the use of privacy-enhancing technologies, best practices in information exchanges, and training opportunities through the ECOFEL programme. 

“Transnational organised crime, money laundering and terrorist financing requires a unified global approach that can only be achieved by strong international cooperation and collaboration with our global partners.  The Egmont Plenary is an essential platform that allows us to build on robust measures to detect and identify criminal activity and those that exploit financial systems to conceal the illicit gains.  The networking opportunities that Egmont provides cannot be underestimated and forms the backbone of our continued effort to increase our effectiveness”, said Mr Lopez. 

He added, “Our participation and contribution to Egmont projects through the Information Exchange Working Group (IEWG) provides a broader exposure and raises the GFIU’s profile internationally”.

The GFIU does not legally require a Memorandum of Understanding (MOU) for the exchange of information with other FIUs, but as an Egmont member it took the opportunity to sign one with the Hellenic FIU (Greece), that will further strengthen cooperation between Gibraltar and Greece in the fight against financial crime.

The Egmont Group of Financial Intelligence Units is an international body of FIUs from 170 jurisdictions.  It provides FIUs with a platform to securely exchange expertise and financial intelligence to combat money laundering, terrorist financing, and associated predicate crimes. 

The GFIU has been a member since 2004, and it exchanges information regularly with its foreign counterparts through the Egmont Secure Web.

The Minister for Justice, the Hon. Samantha Sacramento MP said, “The GFIU has a critical role in ensuring the integrity and stability of Gibraltar's financial sector. Their participation in the prestigious Egmont Group Plenary in the UAE  further strengthens Gibraltar's commitment to combating money laundering, terrorist financing, and other illicit financial activities. I congratulate our delegates for taking the opportunity to successfully demonstrate Gibraltar’s expertise in these areas.”

ENDS