Anguilla’s Financial Intelligence Unit: A New Hybrid Approach to Fighting Money Laundering and Financial Crimes
The Financial Intelligence Unit (FIU) in Anguilla has transformed into a formalized government department following the enactment of the new Financial Intelligence Unit Act, 2020. Since 2000, Anguilla’s FIU has employed a hybrid model, combining law enforcement and administrative elements, which proved to be a valuable intermediary between the judicial and law enforcement sectors.
The Hybrid Model: A Balanced Solution
Under Anguilla’s hybrid model, the FIU plays a pivotal role in:
- Investigating, detecting, preventing, and controlling financial crimes
- Facilitating communication between the financial sector and law enforcement communities
The Role of Law Enforcement Model
The Law Enforcement Model strengthens existing law enforcement systems against money laundering. It empowers multiple law enforcement or judicial authorities to concurrently or competitively investigate money laundering cases.
The Importance of Administrative Model
The Administrative Model, an independent administrative authority, handles financial information from the sector before transmitting disclosures to relevant judicial or law enforcement bodies for potential judicial proceedings.
FIU Anguilla: Divisions and Functions
The FIU Anguilla is divided into two distinct divisions, each with unique responsibilities:
Financial Intelligence Unit – Intelligence Division
This division is dedicated to information gathering, analysis, and dissemination within the Anguillan financial sector and to other competent authorities.
Financial Intelligence Unit – Investigations Division
This division focuses on the thorough investigation of serious financial crimes, such as:
- Money laundering
- Terrorist financing
- Asset recovery
- Cash seizure and forfeiture
- Mutual legal assistance requests related to money laundering and terrorist financing.
Both divisions operate under the supervision of the Director. This structure ensures a comprehensive approach to combating financial crimes in Anguilla.