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Human Technical Resources Crucial for Effective Analysis and Prosecution of Terrorism and Financial Crimes
In a major step towards combating terrorism and financial crimes, the government of [Country] is enhancing its human technical resources to effectively analyze, investigate, and prosecute these cases. The country’s Financial Intelligence Unit (FIU) will receive specialized training on receiving and analyzing Suspicious Transaction Reports (STRs) related to Terrorism Financing (TF).
Strengthening Human Resources
The FIU department will be populated with specialized members focused on countering terrorism and TF-related matters. Similarly, the Special Organized Crime Unit (SOCU) and Office of the Director of Public Prosecutions (DPP) will be adequately structured, funded, and staffed by persons with appropriate training and skills to deal with financial crimes, civil recovery, and other resources.
Investigation Processes
To improve investigation processes, an investigation manual, standard operating procedures, and a code of conduct will be designed and implemented for SOCU using international best practices. The office of the DPP will receive additional employees, including an expert financial crimes prosecutor, and sentencing guidelines will be designed to ensure uniformity in the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime.
Risk-Based Approach
The country has also adopted a risk-based approach to its AML/CFT regime. The results of the National Risk Assessment (NRA) 2021 have highlighted the importance of DNFBPs applying a risk-based approach to their operations. Greater efforts will be placed on raising awareness among reporting entities in the DNFBP sector, and the FIU has provided guidance on suspicious transaction reporting to assist reporting entities with implementing and enhancing their obligations.
National and Uniformed Understanding of Risks
To ensure a national and uniform understanding of risks, a Non-Profit Organization (NPO) TF risk assessment was finalized in 2022. The risk was found to be low. Outreach exercises have commenced to provide adequate sensitization, increase the understanding of the sector’s risk exposure, and further identify NPOs required to comply with AML/CFT regulations.
Supervision
As part of its supervision mandate, supervisory authorities are ensuring that reporting entities comply with legislative provisions on freezing funds or other assets related to individuals or entities listed by the United Nations Security Council (UNSC) under relevant resolutions. During examinations and inspections, supervisory authorities confirm and assess the adequacy of sanction screening mechanisms for targeted financial sanctions related to terrorism and terrorist financing.
Typologies Development
The development of typologies is also crucial in identifying emerging trends and patterns in TF and other financial crimes. A short guide on developing such typologies has been included as an appendix.
Specific Outcomes
- Improve and develop understanding of risks
- Communicate the results of various risk assessments to supervisory authorities and reporting entities
- Increase risk-based supervision, taking into account the specific risk situation of each sector and reporting entity
- Ensure adequate supervision for legal persons and legal arrangements that may be abused for TF
- Strengthen detection strategies in connection with the risks arising from new technologies