Financial Crime World

Local Regulatory Agencies Play Key Role in Supporting Investigations and Cases

The Financial Intelligence Agency (FIA) has released its annual report for 2021-2022, highlighting the agency’s efforts to support local and overseas investigations and cases involving suspected predicate offenses such as corruption, fraud, money laundering, narcotics, human trafficking, and more.

Key Findings

  • The FIA received a total of 69 Incoming Requests for Information (IRIs) from various sources, which were escalated into 57 cases.
  • The IRIs came with classifications/suspected predicate offenses linked to corruption, fraud, money laundering, narcotics, and human trafficking.
  • The agency made eight Outgoing Requests for Information (ORIs) to local law enforcement agencies, resulting in the creation of eight new cases.

Response Disclosures

  • The FIA responded to 41 requests with 71 Suspicious Activity Reports (SARs) and Specified Transactions Reports (STRs) to Customs Department and Bermuda Police Service.
  • Four of these responses were addendum disclosures, providing further intelligence on existing cases.

Spontaneous Disclosures

  • The agency made 111 spontaneous disclosures, comprising 336 SARs and STRs, to various government agencies and law enforcement bodies.
  • Eleven of these disclosures were addendum disclosures, providing additional information on existing cases.

International Cooperation

  • The FIA interacted with foreign Financial Intelligence Units (FIUs), signing 43 Memorandums of Understanding (MOUs) since its establishment in 2008.
  • The agency has also signed eight domestic MOUs with relevant authorities.
  • During the reporting period, the FIA received 15 IRIs from 12 foreign FIUs, covering countries such as Canada, Italy, Luxembourg, and the United States.
  • The classifications/suspected predicate offenses associated with these IRIs included corruption, fraud, money laundering, narcotics, tax offenses, and terrorist financing.

Outgoing Requests for Information

  • The FIA made outgoing requests for information to foreign FIUs, sending 64 ORIs to 28 foreign FIUs across various countries.
  • The agency’s efforts demonstrate its commitment to international cooperation and support for global investigations and cases.

Conclusion

The FIA’s annual report provides valuable insights into the agency’s activities and highlights the importance of financial intelligence in combating complex crimes and supporting law enforcement agencies at home and abroad.