Cross-border investigations triggered by suspicious transaction reports (STRs) from European financial institutions could be crippled by advice that the system used to share the filings is illegal.
Law enforcement and intelligence officials have described the network’s likely demise as “sad news” and warned that finding a replacement will be challenging.
Hundreds of thousands of reports are sent by banks, payment service providers and other regulated firms to EU financial intelligence units in each member state, which use a system called FIU.net to match decentralised data and attempt to locate subjects of interest across borders.
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