Border Currency Reports Show Significant Decline Amid COVID-19 Pandemic

Financial Intelligence Unit Releases Latest Reports on Border Currency Transactions

The Financial Intelligence Unit (FIU) has released its latest reports on border currency transactions, revealing a significant decline in the number of reports filed in the 2020/2021 period compared to the previous year.

Decline in Reports Due to COVID-19 Pandemic

According to the reports, the FIU received only one Border Currency Report (BCR) in 2020/2021, down from 82,595 in the previous year. This represents a decline of 99% due to flight cancellations and lockdowns caused by the COVID-19 pandemic.

Other Reports Show Similar Decline

• Electronic Funds Transfers (EFTRs): 77,592 transfers reported in 2020/2021, down from 82,595 in the previous year, representing a decline of 6.12%.
• Cash Transaction Reports (CTR): 2,999 reports filed in 2020/2021, down from 4,010 in the previous year, representing a decline of 25.21%.

Suspicious Activity Reports Increase Slightly

In contrast, Suspicious Activity Reports (SARs) filed by reporting institutions increased by one report to 84 in 2020/2021, compared to 83 in the previous year.

International Dissemination of Intelligence Reports Increases

Intelligence Reports (IRs) were more widely disseminated internationally in 2020/2021, with 81% of all IRs being disseminated abroad. The highest recorded domestic dissemination was from “other” sources, including government agencies and departments.

Importance of Ongoing Efforts to Combat Money Laundering and Terrorist Financing

“These reports demonstrate the importance of ongoing efforts to combat money laundering and terrorist financing,” said a spokesperson for the FIU. “Despite challenges posed by the pandemic, we remain committed to identifying and reporting high-risk clients and activity.”

Reports Available on FIU Website

The FIU’s reports are available on its website and provide valuable insights into financial transactions in the Cook Islands.

Conclusion

The decline in border currency reports due to the COVID-19 pandemic highlights the importance of ongoing efforts to combat money laundering and terrorist financing. The FIU remains committed to identifying and reporting high-risk clients and activity, despite challenges posed by the pandemic.