Financial Intelligence Unit Cooperates with Domestic and Foreign Organizations to Combat Money Laundering

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The Financial Intelligence Unit (FIU) has been empowered to cooperate with domestic and foreign organizations to exchange information and carry out joint investigations to strengthen its efforts against money laundering.

Cooperation with Domestic and Foreign Organizations

According to section 10 of the Anti-Money Laundering Law, the FIU shall:

• Cooperate and exchange information with other domestic organizations that have implemented measures to combat money laundering.
• Provide awareness, training, and assistance to government departments and organizations to enable them to support the implementation of the law.

The FIU has been granted the authority to:

• Access any report or information received by reporting organizations, implementing organizations, and other government departments and organizations.
• Request relevant reporting organizations to provide necessary new information in designated forms for the purpose of carrying out its functions and duties systematically.

Investigation Board Established to Probe Money Laundering Cases

The Central Body has established an Investigation Board to probe money laundering cases. The board consists of at least three members chaired by a member of the Central Body, and shall:

• Investigate cases related to money laundering and submit its findings together with comments and remarks to the Central Body.
• Summon and examine required persons regarding reports submitted by the Scrutiny Board.
• Acquire necessary evidence and keep secret each investigation matter.

Reporting Organizations Required to Carry Out Risk Assessment

Reporting organizations have been required to:

• Carry out risk assessments of money laundering and financing of terrorism according to information provided by the Central Body.
• Record the risk assessment and underlying evidence and information in writing and keep it up-to-date and readily available to relevant authorities.

Additionally, reporting organizations are required to:

• Carry out customer due diligence under the law at appropriate times on accounts and customers existing prior to the implementation of the law based on product, service, and risk.
• Determine whether the transaction or other activities appear unusual or suspicious and carry out the customer due diligence processes in accordance with the identified risk.

These measures are aimed at preventing money laundering and financing of terrorism, and ensuring that reporting organizations carry out their responsibilities effectively to prevent such illegal activities.