Nordic-Baltic symposium on collaboration to fight economic crime

Symposium organized by the BIS Innovation Hub Nordic Centre and the Royal United Services Institute (RUSI) 'Future of Financial Intelligence Sharing' (FFIS) research programme, 3 April 2023.

On 3 April 2023, the Royal United Services Institute (RUSI) 'Future of Financial Intelligence Sharing' (FFIS) research programme, in partnership with the Bank for International Settlements Innovation Hub Nordic Centre, convened the 'Nordic-Baltic symposium on collaboration to tackle economic crime'.

The symposium gathered senior public and private sector decision-makers and innovators involved in tackling economic crime through partnerships with representatives from central banks, regulators, financial intelligence units, law enforcement bodies, government, financial institutions, data protection agencies and technology companies across the Nordic Baltic region as well as representatives from EU agencies.

Over a number of plenary sessions and expert-led breakout discussions, delegates took stock of the current state of public-private and private-to-private (national) information sharing developments in the region and discussed opportunities to further enhance effectiveness and innovation.

Delegates received a preview of Project Aurora which explores approaches to analysing payments data securely and privately using a combination of privacy enhancing technologies, machine learning and network analytics to identify suspicious networks and flows of funds across institutions and borders.

The objectives of the symposium were to:

  • provide an opportunity for delegates to review the latest European and international developments in policy-making and operational practice relevant to anti-money laundering (AML) information sharing;
  • provide a forum for public and private sector leaders to describe their experiences and lessons in terms of public-private information sharing and private-to-private collaboration initiatives to fight economic crime;
  • explore developments in technology that have potential to support privacy preserving analytics over connected data; and
  • support dialogue about the potential to enhance the effectiveness of relevant cross-border information-sharing across the Nordic and Baltic region.

The event occurred in the context of ongoing deliberations on the EU AML Regulation for shared utilities that enables the private sector to collaborate on AML issues in Europe and the recent best practices guidance paper on AML Public-Private Partnerships published by the European Commission.