Financial Intelligence Unit Achieves Progress in Processing Suspicious Transactions, Calls for Improved Cooperation and Digitalization
The Financial Intelligence Unit (FIU) has cleared its backlog of unprocessed suspicious transaction reports and is now assessing new ones on a daily basis, taking a risk-based approach. At one point, the agency had a backlog of 160,000 unprocessed reports of suspected money laundering. In an interview with the Handelsblatt, FIU Chief Daniel Thelesklaf explained how the agency achieved this turnaround.
Thelesklaf, however, expressed criticism towards the inadequate criminal investigations, stating that a structural strengthening is needed to tackle complex and international money laundering structures. He also lamented the lack of precise feedback on the reports submitted, saying that the agency sees little of the outcomes of the cases at the investigative authorities. Thelesklaf identified the lack of digitalization as a significant weakness.
In contrast, the new European Anti-Money Laundering Authority (AMLA) in Frankfurt sees the development as a significant step towards unifying supervision and improving cooperation. The new EU legislation is also expected to bring more clarity and comparability in the pursuit of money laundering, according to Thelesklaf.