Constructive and timely exchange of information is a key requirement of the Financial Action Task Force (FATF) standards and cuts across a number of its recommendations and immediate outcomes.The FATF is currently developing guidance to promote information sharing within financial institutions (part of the same financial group) as well as between financial institutions not belonging to the same financial group. The guidance will also provide country examples on how to promote information sharing, including through public-private partnerships.
The draft guidance contains a section on sharing of information on suspicions that funds are the proceeds of crime or related to terrorist financing within the financial group in a cross border environment (paragraphs 38 – 51). The FATF has now issued a public consultation seeking comments from private sector stakeholders on whether this section provides sufficient clarity to promote information sharing of such information in a group wide context.
The deadline for comments is 31 July 2017.