The Financial Follow-Up Unit is Admitted as Member in the Egmont Group of Financial Intelligence Units against Money Laundering and Financing of Terrorism
His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority and Chairman of the Anti-Money Laundering and Combating Terrorism Financing National Committee stated that the Financial Follow-Up Unit had been admitted as member in the Egmont Group of Financial Intelligence Units against Money Laundering and Financing of Terrorism during its 26th meeting in The Hague, Holland. The admittance of the Financial Follow-Up Unit to the membership in the Egmont Group is within the framework of national efforts to boost the role of the State of Palestine in combating the crimes of money laundering and financing of terrorism worldwide. It is also the outcome of the national risk assessment process.
The membership of the Financial Follow-Up Unit in the Egmont Group allows for exchanging intelligence information about the crimes of money laundering and financing of terrorism with more than 159 counterpart units around the world. It also facilitates flow of information and capacity building and efficiency in fighting terrorism and in tracking criminal funds across the world.
The Financial Follow-Up Unit Director Mr. Wael Lafi headed the Palestinian delegation in the Egmont Group meeting. The delegation included the Deputy Director and Head of International Cooperation. The financial intelligence units that sponsored the membership of the Palestinian Financial Follow-Up Unit in the Egmont Group were those of Jordan and Morocco. The membership of the Financial Follow-Up Unit was approved by 159 units. The Financial Follow-Up Unit was explicitly praised for fulfilling the three levels of standards including legislative, regulatory, and operational to Egmont Group membership.
The headquarters of the Egmont Group is in Canada. This international group oversees facilitating exchange of intelligence information among the units of combating money laundering and financing of terrorism.
The Anti-Money Laundering and Combating Terrorism Financing National Committee affirms the continuation of the efforts of the State of Palestine to be ready for the mutual assessment of anti-money laundering and combating terrorism financing environment as planned for early 2020. This is accomplished through a series of reforms of the legislations and capacity building in all sectors.