KIRIBATI FINANCIAL INTELLIGENCE UNIT LAUNCHES WAR ON MONEY LAUNDERING AND TERRORIST FINANCING

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The Financial Intelligence Unit (FIU) has been established in Kiribati as a national central agency to crack down on illegal financial activities. The unit will receive financial information from accountable institutions and conduct thorough analyses to identify potential money laundering or terrorist financing offenses.

How the FIU Will Operate

• Receive financial information from accountable institutions
• Conduct thorough analyses to identify potential money laundering or terrorist financing offenses
• Disseminate disclosure of information to law enforcement agencies and supervisory authorities for investigation and possible prosecution

The FIU has also been mandated to:

Coordinating AML/CFT Activities

• Coordinate Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) activities in the country
• Conduct research on trends of money laundering and terrorist financing to inform policy direction

Public Education and International Cooperation

• Educate and inform the public about trends in money laundering and related crimes
• Exchange and share information with foreign counterparts
• Undertake typology studies on money laundering and terrorist financing techniques

The launch of the FIU is seen as a major step forward in Kiribati’s efforts to combat financial crime and maintain the integrity of its financial system. With its enhanced capabilities, the FIU is expected to play a critical role in detecting and preventing illegal financial activities, thereby ensuring a safer and more stable financial environment for citizens and businesses alike.