The EFIPPP is a European partnership between investigative agencies, financial intelligence units and banks to provide visibility into financial crime and money laundering.
Inspired by the Joint Money Laundering Intelligence Taskforce (JMLIT) partnership in the UK, Europol launched the EFIPPP pilot in late 2017. EFIPPP now involves 15 countries, including 11 EU member states, and more than 25 banks such as UBS, Santander, ABN AMRO, Commerzbank, ING, Barclays, BNP Paribas and CitiBank.
In the same period that Europol started the EFIPPP, the AMLC in the Netherlands, among others, started intensifying cooperation with banks. At the national level, public and private parties are collaborating, among others, in the SCTF in which subject information can be shared with banks; FEC PPS in which phenomena are shared with banks in project form; Fintell Alliance in which FIU and banks are working together on the process of VT reports; and FCA in which FIOD and Police are interrogating and exploiting suspicious transactions in a phenomenon-oriented, structured way and with faster tooling.
The recent establishment of Europols Financial Economic Crime Centre (EFECC) consolidates the cooperation in the EFIPPP. The AMLC was a participant from the very beginning and now sits on the steering committee of the EFIPPP to take this ambitious initiative forward in the coming period.
The goals of the EFIPPP are:
Support national public-private partnerships, and act as a network
Building joint intelligence images and understanding threats and risks
Facilitating tactical, operational information sharing
Exploring new opportunities for information sharing
Support, coordinate and initiate international actions
Promote the use of new tools and technology.
Nine members were eventually installed in the Steering Committee. In addition to the AMLC, they are Europol, Institute of International Finance (IIF), European Banking Federation (EBF), FIU Luxembourg, FIU Latvia, Commerzbank, HSBC and Santander. Participants from the Netherlands include FIU, ABN AMRO and ING.
In addition to building the network, the EFIPPP sets up various working groups, in which actual phenomenon information is shared among the participants.
Current working groups are Analysis Threats and Typologies; Mapping Legal Gateways; COVID-19: Impact on financial crime.
In addition to participating in the steering committee, the AMLC also co-chairs the Analysis Threats and Typologies working group. This working group aims to share knowledge of emerging and existing phenomena. It also exchanges best practices on intervention and detection measures. The AMLC explicitly seeks the link with similar initiatives at the national and international level in order to bring more connection and thus more efficiency, effect and impact.
