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Chile Establishes Financial Intelligence Unit (FIU) to Combat Money Laundering and Terrorist Financing
Santiago, Chile - The Chilean government has established a financial intelligence unit (FIU) to combat money laundering and terrorist financing. The FIU will be responsible for collecting, analyzing, and disseminating financial information to prevent and investigate financial crimes.
Background
The FIU is mandated by the Financial Intelligence Unit Act, which was passed in 2019 to implement Chile’s obligations under the Financial Action Task Force (FATF) and the Egmont Group. The FIU will work closely with other government agencies, including law enforcement and financial regulatory bodies, to share information and coordinate efforts to combat financial crimes.
Key Responsibilities
The FIU will have several key responsibilities:
- Data Collection and Analysis: Collecting and analyzing financial data from various sources, such as banks, casinos, and other financial institutions
- Suspicious Transaction Identification: Identifying suspicious transactions and reporting them to the relevant authorities
- Financial Intelligence Support: Providing financial intelligence to support investigations and prosecutions of financial crimes
- International Cooperation: Cooperating with international partners to share information and best practices in combating financial crimes
Powers
The FIU will also have a range of powers, including:
- Requesting information from financial institutions
- Blocking transactions
- Freezing assets
Establishment and Operations
The establishment of the FIU is seen as a major step forward in Chile’s efforts to combat money laundering and terrorist financing. The country has been working closely with international partners to strengthen its anti-money laundering and counter-terrorist financing regime, and the FIU will play a critical role in this effort.
“We are committed to combating financial crimes and protecting our economy from the threats of money laundering and terrorist financing,” said [Name], Minister of Finance. “The establishment of the FIU is an important step forward in this effort, and we look forward to working closely with international partners to share best practices and coordinate efforts.”
Location and Staffing
The FIU will be located in Santiago, Chile’s capital city, and will be headed by a Director who will report directly to the Minister of Finance. The unit will have a staff of around 20 employees, including financial analysts, investigators, and support staff.
Timeline
The establishment of the FIU is expected to take several months, with the unit beginning operations in [Year]. The FIU will work closely with other government agencies and international partners to develop its capabilities and implement its mandate.