EU Council Initiates Arrangements for Exchange of Information between FIUs

On October 17, 2000, the Council of the European Union issued a decision concerning arrangements for cooperation between financial intelligence units of the EU members in respect of exchanging information. The EU members must ensure that FIUs, established or designated to receive disclosures of financial information for the purpose of combating money laundering, will cooperate to assemble, analyze and investigate relevant information within the FIU on any fact that might be an indication of money laundering in accordance with their national authorities. In this connection, EU Members must ensure that FIUs exchange, spontaneously or on request and either in accordance with this Decision or in accordance with existing or future memoranda of understanding, any available information that may be relevant to the processing or analysis of information or to investigation by the FIU concerning financial transactions related to money laundering and the natural or legal persons involved…[more]