Financial Intelligence Unit: A Key Player in Combating Money Laundering and Terrorist Financing
The Irish Financial Intelligence Unit (FIU) has been a crucial component in the fight against financial crimes since its establishment in May 1995. Located within the Garda National Economic Crime Bureau, the FIU plays a vital role in preventing, detecting, and investigating money laundering and terrorist financing.
Primary Functions
- Receiving and Analyzing Suspicious Transaction Reports (STRs): The FIU receives STRs from designated persons under Section 42 of the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010-2018. It also analyzes Competent Authority Reports (CARs) from supervisory bodies under Section 63 of the Act.
- Operational Analysis: The FIU conducts operational analysis of individual cases, targets, and other selected information to identify potential money laundering and terrorist financing activities.
- Strategic Analysis: The unit provides strategic analysis on wider trends and patterns related to money laundering and terrorist financing.
International Cooperation
The FIU works closely with other EU Financial Intelligence Units (FIUs) and worldwide FIUs to share intelligence and comply with international obligations. It utilizes secure decentralized systems, such as:
- FIU.Net: A secure system for sharing STR-related intelligence with other EU FIUs
- Egmont Secure Web (ESW): For communication with non-EU FIUs
Specialized Software and Tools
The FIU employs specialized software, GoAML, to meet its data collection, management, analytical, document management, workflow, and statistical needs. Members of the FIU also have access to State beneficial ownership Registers, including Companies, Trusts, and Bank Account and Safety Deposit Boxes.
Assistance from Money Laundering Investigation Units (MLIUs)
The FIU is assisted by MLIUs who conduct complex money laundering investigations and collaborate with worldwide law enforcement agencies. The unit provides training and outreach to Garda units conducting ML & TF enquiries as part of their investigations into profit-generating crimes and domestic/international terrorism.
Establishment of the Terrorist Financing Intelligence Unit (TFIU)
In 2017, the TFIU was established within the FIU to address all STRs and enquiries with suspected links to terrorist financing and related matters. The TFIU works closely with the Special Detective Unit (SDU) & Security & Intelligence Section, Garda Headquarters in the fight against domestic & International TF.
Conclusion
The Irish Financial Intelligence Unit continues to play a crucial role in preventing, detecting, and investigating money laundering and terrorist financing in Ireland. Its collaboration with international partners, utilization of specialized software and tools, and assistance from MLIUs make it an essential component in the fight against financial crimes.