The Quad Island Forum which is comprised of Financial Intelligence Units (FIUs) from Gibraltar, Guernsey, Isle of Man and Jersey, have signed a Memorandum of Understanding with the UK's Joint Money Laundering Intelligence Taskforce (JMLIT).
JMLIT (which is part of the National Economic Crime Centre), is a partnership between law enforcement and the financial sector to exchange and analyse information relating to money laundering and wider economic threats in the UK.
The taskforce consists of:
- over 40 financial institutions
- the Financial Conduct Authority (FCA)
- Cifas
- five law-enforcement agencies: the NCA, HMRC, the SFO, the City of London Police, and the Metropolitan Police Service.
JMLIT is an innovative model for Public, Private Partnership (PPP) information sharing that has generated very positive results since its inception in 2015, and is considered internationally to be an example of best practice.
With the Quad Island Forum signing this MOU with JMLIT, it will enable the joint collaboration on information sharing to tackle high-end money laundering schemes which are most commonly complex, multi-institutional, and multi-jurisdictional.
It also allows both organisations to contribute to each others forums, to share information on new typologies, existing vulnerabilities, and live tactical intelligence as necessary, and is essential to enhance Jersey's international cooperation in the fight against financial crime.