Financial Crime World

Palau Financial Intelligence Unit Exemplifies Commitment to Combating Money Laundering and Terrorism Financing

The Palau Financial Intelligence Unit (FIU) has been a leading force in combating money laundering and terrorism financing in the region since its establishment in 2001. As an independent agency, the FIU is responsible for conducting initial intelligence investigations into suspected proceeds of crime and terrorist property.

Responsibilities

  • Conducting initial intelligence investigations into suspected proceeds of crime and terrorist property
  • Ensuring that financial institutions and designated non-financial businesses and professions (DNFBPs) comply with anti-money laundering and counter-terrorism financing (AML/CFT) requirements

As a member of the Asia-Pacific Group (APG), Palau is committed to complying with international AML/CFT recommendations and norms. The FIU plays a crucial role in supporting this effort, working closely with financial institutions, DNFBPs, and other stakeholders to prevent and detect financial crimes.

Leadership

The FIU is led by a Director appointed by the Governing Board of the Financial Institutions Commission (FIC), and is supported by a Senior Intelligence Analyst and an Administrative Specialist. With a strong team in place, the FIU is well-equipped to tackle complex financial crimes and ensure that Palau’s financial system remains safe and secure.

Strategic Plan

In September 2022, the FIU and the FIC Governing Board conducted a two-day strategic planning retreat, which resulted in the adoption of the Palau FIU Strategic Plan FY 2023-2028. The plan outlines the agency’s goals and objectives for the next five years, including:

  • Enhancing its intelligence gathering capabilities
  • Improving information sharing with international partners
  • Increasing public awareness of AML/CFT risks

Commitment to Combating Financial Crimes

As the FIU continues to play a vital role in Palau’s financial landscape, it is clear that the agency remains committed to combating money laundering and terrorism financing, and ensuring that the country’s financial system is protected from illicit activities.