27th Parliamentary-Intelligence Security Forum – Illicit Finance
Hon. Jerome Beaumont thanked the organizers and explained that he represents the Egmont Group, a global network linking 177 financial intelligence units (FIUs). He underscored that financial crime accounts for an estimated 2–5% of global GDP trillions of dollars annually and that most of these crimes have transnational elements, making international cooperation essential.
He noted that FIUs collectively receive hundreds of millions of suspicious transaction reports each year and exchange thousands of intelligence requests across borders. However, they face significant challenges, including limited resources, the need for operational independence, and growing technological demands.
He emphasized the importance of public–private partnerships, highlighting that banks and reporting entities are the frontline in detecting illicit finance. By engaging CEOs and boards, not just compliance officers, institutions can strengthen monitoring systems as part of their corporate social responsibility. He cited successful initiatives addressing human trafficking, fentanyl trafficking, and sexual exploitation as proof that collaboration produces measurable results. He concluded with a strong appeal for governments to increase funding and resources for FIUs, stressing that strengthening financial intelligence capabilities enhances not only national security but global safety.
