Cross-border information-sharing within corporate groups
This statement affirms the government’s endorsement for cross-border information-sharing within corporate groups to combat economic crime, and links to best practice.
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This statement sets out guidance on the cross-border sharing of information within corporate groups for the purpose of tackling economic crime, including from the Financial Action Task Force and the Information Commissioner’s Office. As set out in the Economic Crime Plan in 2019, information-sharing can aid both the private sector and government agencies to better target and mitigate economic crime threats, but it is important to ensure that where information consists of personal data it is used responsibly and kept safely. The guidance set out in the statement provides best practice which allows regulated entities to responsibly share data on a group-wide basis where it will lead to better economic crime outcomes. The government has endorsed the guidance and affirms the value of well-governed information-sharing.
The statement has been developed through public-private partnership on the information-sharing steering group, with representatives from the financial, legal and accountancy sectors, the Information Commissioner’s Office and the Financial Conduct Authority.