Financial Crime World

Financial Intelligence Unit Reveals Widespread Suspicious Transactions in 2020

The Financial Intelligence Unit (FIU) has released its annual report for 2020, revealing a significant number of suspicious transactions and potential money laundering activities. According to the report, a total of 196 Suspicious Transaction Reports (STRs) were filed with the FIU last year.

Top Reasons for Filing STRs

  • Unusual transaction patterns, involvement of Politically Exposed Persons (PEPs), and unexplained business relationships
  • Large cash transactions, questionable purposes of transactions, and providing misleading information
  • Involvement of PEPs in suspicious activities
  • High-risk and non-cooperative jurisdictions

Additional Cases

The report also highlighted cases of:

  • Terrorism financing
  • Embezzlement
  • Influence peddling
  • Document forgery

Targeted Analysis Reports (TARs)

The FIU generated 26 TARs in connection with database alerts and intelligence from other sources. These reports revealed further suspicious activities, including:

  • Large cash transactions and involvement of PEPs
  • Questionable purposes of transactions and providing misleading information
  • Dubious source of funds and involvement of PEPs

Dissemination of Information

The report noted that information related to:

  • 8 STRs received in previous years was disseminated to domestic agencies in 2020
  • 3 TARs generated in previous years were shared with relevant authorities

Analysis Findings

The FIU’s analysis revealed a range of criminal activities, including:

  • Misuse of authority and corruption by PEPs
  • Large cash transactions and electronic fund transfers
  • Unusual transaction patterns and unexplained business relationships

Conclusion

The FIU’s annual report highlights the need for continued vigilance and cooperation among financial institutions, law enforcement agencies, and other stakeholders to combat money laundering and other financial crimes. By sharing information and analyzing suspicious transactions, we can better protect the integrity of our financial systems and prevent criminal activity.

Key Statistics:

  • 196 STRs received by the FIU in 2020
  • 26 TARs generated in connection with database alerts and intelligence from other sources
  • Information related to 8 STRs received in previous years disseminated to domestic agencies in 2020
  • Information related to 3 TARs generated in previous years shared with relevant authorities