How does the General Data Protection Regulation (GDPR) affect financial intelligence exchange with third countries?

Md. Zahurul Haq

Journal of Money Laundering Control, 2022, vol. 27, issue 1, 158-170

Abstract: Purpose - This paper aims to examine the probable effect of the General Data Protection Regulation of the European Union on the transfer of financial intelligence to a third country without an adequacy decision. Design/methodology/approach - This is an analytical study of the financial intelligence exchange mechanisms between the Bangladesh Financial Intelligence Unit (BFIU) and its foreign counterparts. The research analyses the key challenges this national agency faces in using the Egmont Group membership to import financial intelligence from jurisdictions with a superior data protection regime. Findings - Membership in the Egmont Group of Financial Intelligence Units does not guarantee unrestricted international intelligence exchange. Existing data protection regulations in Bangladesh are inadequate. This may forbid the transfer of the financial intelligence linked to European Union (EU) data subjects to Bangladesh. Research limitations/implications - This paper does not cover a thorough discussion on any specific alternative tools for data transfer from the EU to a third country except for “appropriate safeguards” options. Practical implications - The results of this study will help understand the existing legal and institutional limitations that may prevent intelligence exchange between the BFIU and its EU counterparts. Originality/value - The study helps ascertain the legislative reform necessary in Bangladesh, a third country, to facilitate the transfer of financial intelligence from the EU.

Keywords: General Data Protection Regulation; Egmont Group; Money Laundering; Financial Intelligence Unit; Bangladesh (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (text/html)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (application/pdf)
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-09-2022-0137

DOI: 10.1108/JMLC-09-2022-0137

Access Statistics for this article

Journal of Money Laundering Control is currently edited by Dr Li Hong Xing and Prof Barry Rider

More articles in Journal of Money Laundering Control from Emerald Group Publishing Limited
Bibliographic data for series maintained by Emerald Support ().