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By October 3, 2022 No Comments

The Financial Intelligence Units (FIUs) from Gibraltar, Guernsey, Isle of Man and Jersey under the Quad Island Forum of Financial Intelligence Units has recently signed a memorandum of understanding (MoU) with the UK’s National Crime Agency (NCA).  The aim of this MoU is to set out the arrangements that govern cooperation to share information and intelligence in accordance with the NCA’s core functions of crime reduction and criminal intelligence.  It will also further provide collective knowledge and experience to best protect the public and make the ‘Quad Islands’ and the United Kingdom a hostile environment for money launderers, involved in serious and organised crime. The MoU will also underpin the identification of terrorist and proliferation financing.

This arrangement will facilitate exchanges of information between the UK’s Joint Money Laundering Intelligence Taskforce (JMLIT+) and the Quad Island’s FIUs.  JMLIT+ is a public private partnership (PPP) between law enforcement and the financial sector to exchange tactical intelligence, enhancing the strategic analysis of information relating to money laundering and wider economic crime threats.  It is an innovative model for public/private information sharing that has generated very positive results since its inception in 2015. Internationally, this PPP model is an example of best practice.

The Quad Island’s FIUs have been working on establishing their own PPPs and are in advanced stages.  Gibraltar’s FIU have already established their own PPP which is known as the Financial Liaison and Intelligence Network (FLINT).  In recent years, PPPs have become a key component within jurisdictions to tackle economic crime and this MoU will further strengthen multi-jurisdictional effectiveness.

The Head of Public-Private Partnerships (PPP) in the National Economic Crime Centre (NECC) said, “The NCA and NECC are pleased to announce the signing of this memorandum of understanding with the Quad Island Forum of Financial Intelligence Units. This will enable us to collectively strengthen International public-private information sharing to protect the public from serious and organised economic crime, and disrupt those seeking to exploit the system.”

The Director of the Gibraltar Financial Intelligence Unit, Edgar Lopez, said “Having a strong multi-jurisdictional partnership is fundamental to an effective system to combat the transnational nature of economic crime.  This new partnership, with like-minded jurisdictions, provides us with another tool against criminals and we are delighted to be a key partner.”

The Quad Island Forum of Financial Intelligence Units facilitates the sharing of knowledge and experience and works collaboratively to achieve the four jurisdictions’ aims and objectives. The Forum recognises the importance of international cooperation in the fight against Money Laundering and Financing of Terrorism and Proliferation, and the necessity for collaboration. This partnership is a key vehicle through which criminal activity can be identified and tackled effectively. The Forum members share the same values, similar challenges and work closely on issues of common importance. The Forum has also established subgroups to provide shared focus through the Strategic Analysis Forum, PPP forum and the Small Islands Terrorist Financing Forum.