TESTA contributes to the EU-wide fight against money laundering

In the context of a proper functioning of the Union’s anti-money laundering and counter terrorist financing framework, the Financial Intelligence Units (FIUs) in Member States are hubs of financial intelligence. They play a critical role in identifying transactions and activities that could be linked to criminal activities, in detecting transactions suspected of links to money laundering and terrorist financing.

Due to the transnational nature of organised crime and of terrorist activities, the cross-border cooperation between FIUs is of paramount importance.
In their fight against money laundering and the financing of terrorism, the Financial Intelligence Units (FIUs) are required to use protected channels of communication between themselves and to make use of the Financial Intelligence Network (FIU.net), a dedicated IT system which also runs over TESTA, a data communication network service supported by ISA². 

The Financial Intelligence Network (FIU.net) is a decentralised and sophisticated computer network that provides a secure channel of communication between the Member States’ FIUs which enables them to send regular case file requests, forward cross border reports and disseminate reports that concern other Member States’ FIUs. The system is hosted and operated by Europol since 2016, and FIUs participate in the governance of the system through an Advisory Group.

Together with the European Financial and Economic Crime Centre (EFECC) at Europol, it will foster the fight against money laundering and terrorist financing by facilitating cooperation and exchanges of information between law enforcement authorities –  while ensuring rapid and trustworthy information-exchange and providing  better access to information to help their investigations.

In July 2020, the Parliament adopted the Commission communication of 7 May 2020 on an Action Plan for a comprehensive Union policy on preventing money laundering and terrorist financing (C(2020)2800). More info on the Commission Action Plan can be found here.