Financial Intelligence Unit’s Report Highlights Challenges Amidst Covid-19 Pandemic

Introduction

The Financial Analysis and Supervision Unit (FASU) has released its annual report for 2021, highlighting the challenges faced by the unit in disseminating intelligence reports and raw bulk data to law enforcement agencies and foreign counterparts amid the ongoing Covid-19 pandemic.

Dissemination of Intelligence Reports and Bulk SMRs

According to the report, FASU disseminated two primary types of products: Intelligence Reports (IRs) and bulk SMRs. However, due to the pandemic, there were no bulk SMR disseminations made to domestic LEAs in 2021.

International Exchange Activities

The report showed that international exchange activities declined during the year:

FASU disseminated a total of four IRs to foreign counterpart FIUs
Received six IRs from foreign counterparts
Number of spontaneous disseminations and requests for information from foreign counterpart FIUs decreased
Requests made and received to other foreign counterpart FIUs increased

Domestic Activities

Domestically, FASU:

Disseminated 10 IRs to LEAs
Did not make any requests for information
Received eight requests for information from LEAs
Processed and facilitated the production of information in response

Impact of Covid-19

The report highlighted that the number of requests made and received by FASU declined compared to previous years due to Covid-19 restrictions. Despite this, reporting entities continued to provide information needed for analysis and intelligence development in response to Section 81 requests.

International Cooperation and Outreach

FASU’s international exchange activities showed an increase in requests made and received over the last five years:

Disseminated a total of 24 IRs to counter-part FIUs
Received 27 IRs from counterpart FIUs through existing MOU arrangements and the Egmont Secure Website (ESW)
Expanded efforts in international cooperation and outreach contributed to an increase in requests made and received

Conclusion

Despite challenges posed by the pandemic, FASU continues to play a crucial role in supporting law enforcement agencies and foreign counterparts in their efforts to combat financial crimes.

Key Statistics

4 IRs disseminated to foreign counterpart FIUs
6 IRs received from foreign counterpart FIUs
10 IRs disseminated domestically to LEAs
8 requests for information received from domestic LEAs
39 information requests made by FASU
24 IRs disseminated to counter-part FIUs over the last five years
27 IRs received from counter-part FIUs over the last five years