Financial Intelligence Unit to Cooperate with Other Organizations

The Financial Intelligence Unit (FIU), established under the Anti-Money Laundering Law of 2015, will cooperate and exchange information with other domestic organizations to effectively combat money laundering and terrorist financing.

Responsibilities of the FIU

• Provide awareness, training, and assistance to government departments and organizations to support the implementation of the law
• Request reporting organizations to send necessary new information in designated forms within a limited period
• Have access to any report or information received and maintained by reporting organizations, implementing organizations, and other government departments and organizations (Article 10(g))

Cooperation with Other Organizations

The FIU may cooperate with relevant domestic and foreign organizations in anti-money laundering and counter-terrorism financing tasks, and enter into agreements or arrangements with foreign counterpart agencies. The unit will perform functions assigned by existing laws.

Scrutiny Board to Review Suspicious Transactions

The Scrutiny Board, established under Article 15 of the law, will review suspicious transactions related to money laundering and terrorist financing.

Responsibilities of the Scrutiny Board

• Keep secret each scrutinized matter
• Report findings to the Financial Intelligence Unit
• Summon and examine required persons regarding reports from the FIU and acquire further evidence
• Submit findings, comments, and remarks to the Central Body along with any additional evidence

Investigation Board to Investigate Money Laundering Cases

Article 16 of the law establishes an Investigation Board, comprising at least three members chaired by a member of the Central Body, to investigate money laundering cases.

Responsibilities of the Investigation Board

• Summon and examine required persons regarding reports from the Scrutiny Board and acquire further evidence
• Conduct investigations into money laundering cases

Reporting Organizations to Carry Out Customer Due Diligence

Reporting organizations are required under Article 19 of the law to carry out customer due diligence measures, including risk assessment and enhanced or simplified customer due diligence processes.

Responsibilities of Reporting Organizations

• Carry out customer due diligence measures
• Keep records of their customer due diligence processes up-to-date and readily available to relevant authorities

Anti-Money Laundering Law (24-6-2015)

The Anti-Money Laundering Law aims to prevent money laundering and terrorist financing by establishing a robust framework for reporting suspicious transactions, conducting investigations, and enforcing penalties for non-compliance.