Financial Intelligence Unit (FIU) Report: Combating Financial Crimes in 2020

Overview of Suspicious Transaction Reports (STRs)

The Financial Intelligence Unit (FIU) received a total of 196 Suspicious Transaction Reports (STRs) in 2020, which led to the generation of 26 Tactical Analysis Requests (TARs). The primary reasons for filing STRs were:

• Unusual transaction patterns
• Involvement of Politically Exposed Persons (PEPs)
• Unexplained association/business relationships

These categories indicate that the FIU is focused on detecting and preventing money laundering, terrorist financing, and other illicit activities related to financial transactions.

Dissemination of Information

The report highlights the following key points regarding the dissemination of information:

• Domestic Agencies: 6 STRs were disseminated to domestic agencies in 2020.
• Legacy Cases:
  • Information from 2 STRs received in 2017 was disseminated to relevant domestic agencies.
  • Information from 1 STR received in 2018 and 22 STRs received in 2019 was also disseminated to domestic agencies.
• Tactical Analysis Requests (TARs): 2 TARs were disseminated to domestic agencies in 2020. Additionally, information from 2 TARs generated in 2019 and 1 TAR generated in 2018 was disseminated to domestic agencies.

Focus on Corruption and Misuse of Authority

The report emphasizes that misuse of authority and corruption is a significant crime category, involving unlawful gains by PEPs and their associates through embezzlement and influence peddling. The primary method of transactions for these crimes involved electronic fund transfers to local bank accounts or other jurisdictions.

Conclusion

The FIU’s efforts aim to combat financial crimes, including money laundering, terrorist financing, and corruption, by analyzing suspicious transactions and disseminating relevant information to domestic agencies.