First participation of SICCFIN in competition organised by Egmont group

The Egmont Group is an international organisation that brings together nearly 160 Financial Intelligence Units (FIUs) around the world. All these FIUs have the same mission in their respective countries: to combat money laundering and the financing of terrorism (AML/CFT).

In order for these various FIUs to be able to train each other on the basis of real cases that have been handled by their peers and successfully prosecuted, the Egmont Group decided in 2011 to launch the “Best Egmont Case Award” (BECA) competition.

Money

This competition allows participating FIUs to submit anonymous real cases to a jury of five members. The objective is to enable investigators and analysts from five continents to learn from concrete actions, by being quickly informed of the new channels and mechanisms used by organised crime or terrorist groups to launder capital and income from illegal activities (counterfeiting, bribery, pimping, extortion, fraud, fraudulent bankruptcy, arms trafficking, trafficking in cultural property, etc.).

The best cases, chosen by the jury, are presented by the finalist countries during the annual plenary assembly of the Egmont Group, which this year will be held in Australia (Sydney) in September. Officials of the FIUs are invited to vote for the case they consider the best.

The winner is awarded the BECA trophy and international recognition for excellence in the fight against money laundering, terrorist financing and corruption.

This year, for the first time since the creation of the BECA contest in 2011, Monaco’s SICCFIN is participating by presenting a case entitled “International money laundering, a family fraud story.”

The participation of the Monegasque Financial Intelligence Unit in BECA demonstrates the Principality’s strong involvement against the scourges of terrorism, corruption and money laundering, Monaco’s Government said.

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