Montserrat Sets Up Financial Intelligence Unit to Combat Money Laundering and Terrorism

Introduction

The island nation of Montserrat has taken a significant step towards enhancing its financial security by establishing a Financial Intelligence Unit (FIU). The FIU is designed to serve as the national agency for receiving, analyzing, and investigating information related to suspected proceeds of crime, suspicious transactions, or activities.

Background

The creation of the FIU was made possible through Section 12 of the Money Laundering (Prevention) Act No. 20 of 2000, which was later repealed and replaced by the Money Laundering (Prevention) Act No. 8 of 2011. The powers and functions of the FIU are outlined in Section 4 of the Financial Intelligence Unit Act No. 7 of 2011.

Key Objectives

• Receive, analyze, and investigate information concerning suspected proceeds of crime, suspicious transactions, or activities
• Prevent and suppress terrorism through investigative powers granted under the Suppression of the Financing of Terrorism Act No. 3 of 2003

History of Operations

The FIU began operations on July 23, 2001, as part of the Ministry of Finance before being transferred to the Ministry of Justice, Immigration, and National Security in January 2015.

International Standards

Montserrat’s FIU has maintained international standards of operation by becoming a member of the Egmont Group in July 2003. The Egmont Group is the international standard-setting body for Financial Intelligence Units, reflecting the unit’s commitment to upholding global best practices in combating financial crimes and terrorist financing.