The Egmont Group is an international network of Financial Intelligence Units (FIUs) that enhances cooperation and information sharing to combat financial crime.
Option A (Correct): The Egmont Group improves global cooperation by enabling FIUs to exchange financial intelligence securely.
Option C (Correct): The group facilitates secure communication channels for sharing money laundering and terrorist financing intelligence.
Option E (Correct): The Egmont Group fosters trust between FIUs, allowing them to work collaboratively on cross-border investigations.
Why Other Options Are Incorrect:
Option B (Incorrect): The Egmont Group does not negotiate case-by-case memoranda of understanding (MoUs) for individual cases.
Option D (Incorrect): The Egmont Group does not draft AML legislation; it provides guidance but does not have regulatory authority.
Key Functions of the Egmont Group:
Facilitating cross-border cooperation among FIUs.
Providing a secure network (Egmont Secure Web) for intelligence sharing.
Developing best practices for AML/CFT investigations.
Reference:
FATF Recommendation 29 (Role of FIUs in AML/CFT)
Egmont Group Charter and Principles for FIU Collaboration
Wolfsberg Group AML Guidance on FIU Information Exchange