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Financial Intelligence Unit (FASU) Annual Report 2021: Overview of Information Exchange and Analysis
Papua New Guinea’s Financial Intelligence Unit (FASU), a key player in the country’s financial crime fighting efforts, has released its annual report for 2021. The report provides an overview of FASU’s activities in information exchange and analysis during the year.
Intelligence Reports and Bulk SMRs
In 2021, FASU disseminated two primary types of products: Intelligence Reports (IR) and bulk Suspicious Matter Reports (SMRs). However, due to the COVID-19 pandemic, there were no bulk SMR disseminations made to domestic Law Enforcement Agencies (LEAs).
International Exchange
During the reporting period, FASU disseminated a total of four IRs to foreign counterpart Financial Intelligence Units (FIUs) and received six IRs from foreign FIUs. The number of spontaneous disseminations and requests for information from foreign FIUs declined in 2021, while the number of requests made and received to other foreign FIUs increased.
Domestic Exchange
FASU disseminated a total of 10 IRs to LEAs during the year, with no requests made to domestic agencies for information. However, FASU received eight requests for information from LEAs and processed and facilitated the production of information that were requested.
Information Requests to Reporting Entities
FASU made 39 information requests to reporting entities during the year, which is a decline compared to previous years due to COVID-19. Despite the reduction in the number of requests, reporting entities continued to provide information needed for analysis and intelligence development in response to Section 81 requests.
Tables
Tables below show the domestic dissemination of Intelligence Reports and Raw Bulk SMRs from 2017 to 2021, as well as the spontaneous information dissemination with other FIUs from 2017 to 2021.
| Table | Description |
|---|---|
| Table 1 | Domestic Dissemination of Intelligence Reports (IR) and Raw Bulk SMRs from 2017 to 2021 |
| Table 2 | Spontaneous Information Dissemination with Other FIUs from 2017 to 2021 |
| Table 3 | Information Exchange with Other FIUs from 2018 to 2020 |
Conclusion
The FASU annual report highlights the unit’s efforts in international cooperation and outreach, which has led to an increase in requests made and received from foreign FIUs. Despite the challenges posed by the COVID-19 pandemic, FASU continued to process and disseminate information to support law enforcement agencies in their investigations.
Key Takeaways
- FASU disseminated 10 IRs to LEAs and received eight requests for information from LEAs
- There were no bulk SMR disseminations made to domestic LEAs due to COVID-19 restrictions
- The number of requests made and received between FASU and foreign FIUs increased
- Reporting entities continued to provide information needed for analysis and intelligence development in response to Section 81 requests.