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Montserrat’s Financial Intelligence Unit Act: Supervisory Board Structure and Functions Revealed

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The Montserrat Government has introduced a new legislation aimed at strengthening the island’s financial intelligence capabilities. The Financial Intelligence Unit (FIU) Act, 2023, establishes a Supervisory Board responsible for coordinating financial intelligence activities in Montserrat.

Supervisory Board Membership

The Supervisory Board consists of both ex-officio members and an additional member appointed by the Governor. Ex-Officio Members:

  • The Commissioner of the Financial Services Commission (Chairperson)
  • The representative of the Attorney General
  • The Financial Secretary
  • The Commissioner of Police
  • The Chief Immigration Officer
  • The Director-General of the Montserrat Customs and Revenue Services

The Governor also appoints an additional member with expertise in law enforcement, financial services, or financial regulation. This member serves for a two-year term and is eligible for reappointment.

Functions

The Supervisory Board has several key responsibilities:

Guiding the FIU Director on the operation of the Unit

Providing policy advice to the Government on financial intelligence collection and analysis

Advising on risks associated with money laundering, terrorist financing, proliferation financing, and cybercrime

Offering support and advice to ensure compliance with international standards in combatting these threats

Disqualification, Removal, and Resignation

Members of the Supervisory Board are disqualified from serving if they:

  • Have been adjudged bankrupt or insolvent
  • Have made an assignment with creditors that has not been rescinded
  • Have been convicted of a criminal offense and sentenced to six months’ imprisonment or more without the option of a fine (within the last 10 years)
  • Are an elected member of the Legislative Assembly
  • Are certified as being mentally ill or of unsound mind

The Governor may revoke a member’s appointment if they:

  • Become ineligible for appointment
  • Fail to attend three consecutive meetings without leave
  • Contravene their duties or bring the Supervisory Board into disrepute

Vacancy in Membership

A vacancy in membership occurs when:

  • A member becomes ineligible for appointment
  • A member dies
  • The Governor revokes a member’s appointment
  • A member resigns in writing

Filling Vacancies

The Governor may appoint an acting member to temporarily fill a vacant position. Upon the death or resignation of a member, the Governor shall appoint another person to fill the vacancy.

Publication of Changes

The Governor is required to publish changes in membership by notice in the Gazette.

Meetings and Procedures

The Supervisory Board regulates its own procedure and meets at least four times a year, with ex-Officio members giving priority to attendance.