Chair of the Egmont Group’s Statement on the 'FinCEN Files' disclosure

Chair of the Egmont Group’s Statement on the 'FinCEN Files' disclosure

September 25, 2020 –The Egmont Group has been notified of and is closely following the recent media reporting on the unlawful disclosure of suspicious activity reports (SARs) and other documents from the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

The Egmont Group will not be commenting on specific information from the 'FinCEN Files’.

At this time, the Egmont Group reiterates the important role financial institutions and other entities with reporting obligations have as the first line of defence against money laundering and terrorism financing. They have the best opportunity to know their customers and are best situated to determine whether a transaction is suspicious when compared to what they know about their customers. 

The transnational character of the transactions in the 'FinCEN Files' disclosure proves the importance of international cooperation for effectively fighting money laundering and terrorism financing. At its core, the Egmont Group facilitates such international cooperation between financial intelligence units (FIUs) in a secure and protected manner. The exchange of information among Egmont Group members is built around an understanding of cooperation and trust based on the high standards to which they are held.

  •          Mrs. Hennie Verbeek-Kusters, Chair of the Egmont Group