Cross-border information sharing between FIUs is set to become harmonised and more reliable. AMLA is inviting views on draft standards that will decide when a suspicious activity report concerns another EU country and should be shared with that country's Financial Intelligence Unit (FIU).
A stronger network against financial crime
With these standards, AMLA delivers on one of its core mandates: improving FIU cooperation across borders. Today, FIU information sharing relies on practices built up over time, and approaches differ from one country to the next, creating delays and legal uncertainty. The draft rules give every FIU in the EU a common, clear basis for the cross-border sharing of information, strengthening efficiency and consistency in the fight against financial crime.
A shared approach across the EU
The draft rules provide practical guidance on when a report concerns another EU country, and set the criteria for how it should be shared. A report can be passed on in full, as a cross-border report, or as a focused set of key data, known as a cross-border dissemination. Because the criteria are objective and built on structured data, they can be applied automatically within FIU.net, the secure network FIUs already use. The result is quicker, more dependable cooperation that relies less on case-by-case judgement and helps to avoid both over- and under-sharing.
Share your perspective
Input from those who handle these exchanges day to day will help make the rules work in practice. AMLA invites a broad range of stakeholders, including FIUs, European institutions, the Egmont Group, FATF, and law enforcement, prosecutorial and judicial authorities, to share their views. The rules place no direct obligations on private companies, but practitioners with relevant experience are welcome to respond.
Please access the public consultation here.
Access the PDF version of this press release here.
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amla [dot] europa [dot] eu (media[at]amla[dot]europa[dot]eu)