Financial Crime World

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Summary of Key Points:

The Financial Intelligence Unit (FIU) - MMA report analyzed Suspicious Transaction Reports (STRs) and Transaction Activity Reports (TARs). Here are the key findings:

  • Number of STRs and TARs: 196 STRs were received by FIU-MMA from all reporting entities in 2020, with 26 TARs generated for further analysis.
  • Reasons for STR Submissions:
    • Unusual Transaction Pattern (112 reports)
    • Involvement of Politically Exposed Persons (PEPs) (23 reports)
    • Unexplained association/business relationship (21 reports)
  • TAR Generation: TARs were generated in connection with database alerts regarding suspicious transactions and intelligence from other sources.
  • Dissemination of Information: Out of the 196 STRs received in 2020, information pertaining to 6 STRs was disseminated to relevant domestic agencies. Additionally, information from previous years (2017-2019) was also disseminated to domestic agencies.

Key Observations:

The report highlights several significant crime categories and methods of transactions:

  • Misuse of Authority and Corruption: Misuse of authority and corruption were significant crime categories, primarily involving PEPs and their associates.
  • Methods of Transactions:
    • Electronic fund transfers
    • Heavy cash movements for large amounts of cash

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