The Financial Intelligence Units (FIUs) from the Isle of Man, Gibraltar, Guernsey and Jersey met in London recently (21-23 June) to discuss economic crime and international tax crime.
The three days of meetings included participation from the Jersey Economic Crime and Confiscation Unit and the Isle of Man Proactive International Money Laundering Investigation Team with a focus on exchanging best practices.
The Forum also introduced an initiative for the tax authorities from each jurisdiction to work closer together. Closer working and more information sharing will help combat serious tax-related crimes and sophisticated tax fraud schemes.
During the meeting, participants deliberated on topics including strategic objectives, fostering effective cooperation, exploring training opportunities, sharing best practices for accessing tax data, addressing legal challenges, resources and information technology.
The development of this sub-group is encouraging and demonstrates each jurisdiction’s commitment to ensure that they have access to the broadest range of financial intelligence and effective mechanisms to target criminals and the proceeds of crime.
The Director of the Isle of Man Financial Intelligence Unit, Phil Hunkin, said:
‘The benefit of meeting in the Quad Island Forum is that it provides an ideal platform for multilateral engagement. Productive discussions between technical experts in these specialised fields will undoubtedly lead to the enhancement of existing measures and frameworks. We look forward to building on this initial engagement.’
The Quad Island Forum facilitates the sharing of knowledge and experience, and works collaboratively to achieve the four jurisdictions’ aims and objectives. It recognises the importance of international cooperation in the fight against money laundering and the financing of terrorism and proliferation, and the necessity for collaboration.
The partnership is a key part of discussing how criminal activity can be identified and tackled effectively. The Forum members share the same values, face similar challenges and work closely on issues of common importance. The Forum has also established other subgroups to provide shared focus on topics such as Strategic Analysis, Public Private Partnerships and Terrorist Financing.
