AFGHANISTAN FINANCIAL INTELLIGENCE UNIT ESTABLISHED TO FIGHT MONEY LAUNDERING
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Introduction
The Afghan government has taken a significant step towards combating money laundering and terrorist financing by establishing the Financial Intelligence Unit (FIU) under the authority of Da Afghanistan Bank.
Key Responsibilities
- Receiving and analyzing reports from financial institutions
- Identifying suspicious transactions
- Cooperating with anti-money laundering authorities
Structure and Governance
The FIU will be headed by a Director General appointed for a term of five years by the Supreme Council. The Director General will be responsible for:
- Establishing the number and type of staff positions
- Hiring and dismissing personnel
Confidentiality
All officers, employees, agents, or other persons appointed to posts in the unit are required to keep confidential any information obtained within the scope of their duties.
Employee Duties
Employees of the FIU are prohibited from:
- Concurrently performing duties in any reporting entity
- Holding elective office, assignment, or other activity that might affect the independence of their position
Reporting and Data Collection
The FIU is responsible for:
- Receiving and analyzing reports transmitted by reporting entities
- Collecting data on all relevant information concerning those reports
- Submitting an annual report to the Supreme Council, providing details on its activities and findings
Exemptions
Reporting entities with a staff and management consisting of less than 15 persons are exempt from implementing certain provisions of the law.
Conclusion
The establishment of the Financial Intelligence Unit is a significant step towards enhancing Afghanistan’s ability to combat money laundering and terrorist financing. The unit will play a crucial role in identifying and disrupting illegal financial activities, helping to protect the country’s financial system and prevent the misuse of its financial institutions.