FIU Board Responsibilities and Information Dissemination

The Financial Intelligence Unit (FIU) has introduced new guidelines on its board’s responsibilities and information dissemination practices to strengthen financial intelligence.

FIU Board Responsibilities

• The FIU Board will have the authority to issue instructions on the financial management of the unit.
• It will advise the Director on matters related to the discharge of their functions, which include:
  • Analyzing suspicious transactions
  • Reporting suspicious transactions
• The Board will review the annual report of the FIU and provide feedback to the Minister on any matter arising from the report.

Limitations on Board Access

• The Board will not have access to information concerning any suspicious transaction reports.
• The Board will not be involved in the process of lodging, analyzing, or disseminating such information.

Director’s Role in Information Dissemination

The Director of the FIU has been given the authority to:

• Disseminate information and analysis to:
  • Relevant investigatory authorities
  • Supervisory bodies
  • Overseas financial intelligence units
• Where there are grounds to suspect money laundering, predicate offenses, or terrorism financing.

Request for Additional Information

• In cases where a suspicious transaction report is made, the Director may request additional information from:
  • Banks
  • Financial institutions
  • Cash dealers
  • Members of relevant professions or occupations
• The Director will also have the power to request further information from any party involved in the transaction if there are grounds to suspect money laundering or predicate offenses.

Timeframes for Information Requests

• Reporting persons (banks, financial institutions, cash dealers, and members of relevant professions or occupations) must respond to requests for additional information within 15 working days.
• Failure to comply with this requirement may result in penalties.
• The Director will also be able to request that reporting persons keep records related to suspicious transactions for a specified period, which may not exceed seven years from the completion of the transaction.

Request for Client Information

• The FIU Director may request reporting persons to provide information on their clients or any person acting on behalf of those clients.
• Reporting persons must comply with these requests within the specified timeframe.

Purpose of New Regulations

These new regulations aim to enhance the effectiveness of the FIU in detecting and preventing financial crimes, while also ensuring that sensitive information is protected.