Challenges Faced by FIUs in Investigating Money Laundering

• Jurisdiction: European Union
• Year: 2021
• Author: Philippe de Koster

Speaker

Mr Philippe de Koster holds a Master’s Degree in Law (Université Libre de Bruxelles). Mr de Koster started his career at the Public Prosecutor’s Office and is currently Advocate General at the Public Prosecutor’s Office at the Court of Cassation. Mr de Koster has been the Director of the Belgian Financial Intelligence Processing Unit CTIF-CFI since 2016. He had been the Deputy Director of CTIF-CFI since 2003.

Topic

This e-presentation provides a comprehensive exploration of the ever-evolving landscape of money laundering techniques across a multitude of business sectors, shedding light on the latest typologies and trends. Additionally, it delves into the intricate realm of terrorist financing, offering valuable insights into the methods used to channel funds for illicit activities.

One of the central themes of this presentation is the crucial role played by Financial Intelligence Units (FIUs) in combating money laundering and terrorist financing. FIUs are the cornerstone of the global effort to detect and prevent financial crimes, and this presentation elucidates their investigative processes in great detail.

A prominent aspect covered is the onus placed on obligated entities to report suspicious transactions and activities. These entities, including financial institutions and other relevant entities, have a legal obligation to communicate any potentially suspicious financial behavior to the FIUs. The presentation underscores the significance of this reporting mechanism in facilitating early detection and intervention in money laundering and terrorist financing schemes.

Furthermore, the presentation outlines the collaborative framework between obligated entities and FIUs. Cooperation between these entities is vital to the success of anti-money laundering efforts. The presentation highlights the various ways in which obligated entities and FIUs collaborate, emphasizing the importance of open communication and information sharing.

In the digital age, access to bank account information and other sources of illicit transactions has become a paramount issue. This e-presentation elucidates the mechanisms through which FIUs access and search for...