Egmont Group set of indicators for corruption related cases

Corruption is a pervasive crime that affects all countries and economies. In addition to hindering economic growth, corruption erodes trust in governments, diverts government resources away from important initiatives, and impacts the delivery of vital services, such as health care, national infrastructure, and education. Corruption, like so many crimes, is motivated by profit and greed. As a result, financial intelligence plays a vital role in detecting and prosecuting corrupt activities.

In order to enhance the intelligence available to FIUs, it is important for FIUs and law enforcement to work with financial institutions and other front-line reporting entities to improve the identification of suspicious transactions and activities indicative of corruption. To facilitate this work, the Egmont Group has compiled a set of indicators that may, when considered in the context of a transaction or customer interaction, assist in the identification of corruption and of the laundering of the proceeds of corruption.

It is important to recall that these indicators should not be considered in isolation. Numerous international organizations, including the Financial Action Task Force, World Bank, United Nations Office on Drugs and Crime, and INTERPOL, have undertaken important work in this field, and the existing body of knowledge continues to be relevant to the identification and investigation of corruption. The indicators compiled by the Egmont Group aim to build on this previous work to further assist FIUs and financial institutions in the efforts to address this crime.

The indicators listed could lead to a suspicion of money laundering of proceeds derived from corruption or any other predicate crime. They can be used separately or in combination with other indicators, or other existing information.

This set of indicators is approved by the HoFIU during the Egmont Group plenary meeting in Sydney (24-27 September 2018), it is not exhaustive and will be amended and supplemented in accordance with feedback received from Egmont Group members, Observers, International Partner Organisations, different competent authorities, and reporting entities.

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