Financial Crime World

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Financial Intelligence Authority (FIA) Report

The Financial Intelligence Authority (FIA) has released a report detailing its activities and interactions for the reporting period. Here’s a breakdown of the key findings:

Incoming Requests for Information (IRIs)

  • Total of 69 IRIs received by the FIA, which led to the creation of 57 FIA cases.
  • Classifications/suspected predicate offenses linked to the IRIs:
    • Corruption
    • Fraud
    • Money Laundering
    • Narcotics
    • Human Trafficking

Outgoing Requests for Information (ORIs)

  • Total of 8 ORIs made by the FIA, which led to the creation of 8 FIA cases.
  • Classifications/suspected predicate offenses linked to the ORIs:
    • Fraud
    • Corruption
    • Money Laundering
    • Narcotics
    • Money Laundering/Cash Exchanges

Response Disclosures

  • Total of 41 response disclosures made by the FIA, containing 71 SARs and STRs.
  • Four (4) addendum disclosures were made as further intelligence was provided about three (3) cases.

Spontaneous Disclosures

  • Total of 111 spontaneous disclosures made by the FIA, containing 336 SARs and STRs.
  • Eleven (11) addendum disclosures were made as further intelligence was provided about ten (10) cases.

Interaction with Foreign FIUs

The FIA has a strong relationship with foreign Financial Intelligence Units (FIUs), adhering to international standards and principles. Key highlights include:

  • The FIA has signed 43 MOUs with foreign FIUs since its establishment in November 2008.
  • The FIA adheres to the Egmont Group of Financial Intelligence Units’ Charter and Principles of Information Exchange between FIUs.
  • The FIA considers all IRIs from foreign FIUs as containing classified information.

Incoming Requests for Information from Foreign FIUs

During the reporting period, the FIA received 15 incoming requests for information (IRIs) from 12 foreign FIUs. These countries include:

  • Bahamas
  • Canada
  • El Salvador
  • Grenada
  • Italy
  • Kazakhstan
  • Luxembourg
  • Romania
  • Syria
  • United Kingdom
  • United Arab Emirates
  • USA

Outgoing Requests for Information to Foreign FIUs

The FIA made 64 outgoing requests for information (ORIs) during the reporting period, with countries associated with the following foreign FIUs:

  • Bahamas
  • Belgium
  • Brazil
  • British Virgin Islands
  • Canada
  • Cayman Islands
  • Costa Rica
  • Cyprus
  • Grenada
  • Hong Kong
  • India
  • Indonesia
  • Italy
  • Jamaica
  • Liechtenstein
  • Macao
  • Mexico
  • Monaco
  • Panama
  • Poland
  • Russia
  • Singapore
  • St. Kitts & Nevis