Anguilla’s Financial Intelligence Unit: Adopting a Hybrid Model to Combat Financial Crimes
Following the enactment of the new Financial Intelligence Unit Act, 2020, Anguilla’s Financial Intelligence Unit (FIU) has officially transformed into a formal government department. This transformation signifies Anguilla’s commitment to strengthening its fight against financial crimes.
Anguilla’s Hybrid FIU: A Blend of Law Enforcement and Administration
The Anguilla FIU has adopted a hybrid model, making it a unique blend of law enforcement and administrative functions. This model serves as a crucial intermediary between various judicial and law enforcement authorities, allowing for effective communication and collaboration.
The Law Enforcement Model: Intensifying Efforts against Money Laundering
The Law Enforcement Model is a part of the hybrid approach, which collaborates with existing law enforcement systems. FIUs operating on this model function alongside multiple legal authorities, ensuring a comprehensive and cooperative approach to investigations.
- Money laundering investigations
- Cooperative approach with law enforcement agencies
The Administrative Model: Centralizing and Formalizing Financial Intelligence
The Administrative Model centralizes and formalizes the processing of financial intelligence. This model ensures the efficient flow of information from the financial sector to judicial or law enforcement agencies for further prosecution.
Anguilla FIU’s Divisions
To effectively manage these functions, the Anguilla FIU will operate as a single hybrid unit, divided into two distinct divisions:
Financial Intelligence Unit – Intelligence Division
- Dedicated to information gathering, analysis, and intelligence dissemination
- Acts as the backbone of the FIU, providing essential intelligence
Financial Intelligence Unit – Investigations Division
- Focuses primarily on probing serious financial crimes
- Oversees asset recovery, cash seizure and forfeiture
- Handles mutual legal requests related to money laundering and terrorist financing
Supervision and Effectiveness
Both divisions will be supervised by the Director of the Financial Intelligence Unit, Anguilla, ensuring the efficiency and effectiveness of these critical functions.
With this new structure and enhanced capabilities, the FIU in Anguilla is prepared to tackle financial crimes and safeguard the island’s financial reputation.