Financial Crime World

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Marshall Islands Establishes Financial Intelligence Unit to Combat Money Laundering and Terrorist Financing

The Marshall Islands has taken a significant step in its efforts to combat money laundering and terrorist financing by establishing a financial intelligence unit (FIU). The FIU will serve as the national center for the receipt, analysis, and dissemination of information related to suspicious transactions reports and other relevant data.

Key Functions of the FIU

  • Receiving and analyzing suspicious transaction reports
  • Conducting operational and strategic analysis
  • Disseminating information to relevant competent authorities

The FIU will also have access to additional information from reporting entities and other sources, including financial, administrative, and law enforcement information.

Access to Information

The FIU will be able to obtain additional information from reporting entities as needed to perform its analysis properly. It will also have access to a wide range of financial, administrative, and law enforcement information, including commercially held data.

Information Security and Confidentiality

  • All information received, processed, held, or disseminated must be securely protected
  • Information can only be exchanged in accordance with agreed procedures, policies, and applicable laws and regulations
  • The FIU will have rules in place governing the security and confidentiality of such information

Operational Independence

The FIU will be operationally independent and autonomous, allowing it to carry out its functions freely and make decisions without undue influence or interference. The unit will also be provided with adequate financial, human, and technical resources to ensure its autonomy and independence.

Partnership with Egmont Group

  • The Marshall Islands has committed to ensuring that the FIU has regard to the Egmont Group Statement of Purpose and its Principles for Information Exchange Between Financial Intelligence Units for Money Laundering and Terrorism Financing Cases
  • The unit will apply for membership in the Egmont Group, which provides important guidance concerning the role and functions of FIs

Large Cash Transaction Reporting

The Marshall Islands is considering the feasibility and utility of a system where financial institutions and designated non-financial businesses and professions (DNFBPs) would report all domestic and international currency transactions above a fixed amount. This move aims to enhance the country’s efforts in detecting and preventing money laundering and terrorist financing activities.

In conclusion, the establishment of the FIU marks an important milestone in the Marshall Islands’ fight against financial crime, and its success will depend on the unit’s ability to effectively receive, analyze, and disseminate information related to suspicious transactions reports and other relevant data.