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Financial Supervision Department Demands Prompt Reporting of Suspicious Transactions

Kabul, Afghanistan

In a move aimed at combating money laundering and terrorism financing, the Financial Supervision Department has issued new regulations requiring supervisory authorities and auditors to report suspicious transactions without delay.

New Regulations

According to Article 17 of the new regulations, any supervisory authority or auditor who suspects that a transaction may be related to an offence, including the financing of terrorism, must submit a report to the Financial Intelligence Unit (FIU) within a specified timeframe. The FIU is responsible for analyzing and evaluating these reports to identify potential money laundering activities.

Reporting Requirements

• All supervisory authorities and auditors must report suspicious transactions to the Financial Intelligence Unit (FIU) without delay.
• Reporting entities, such as banks and financial institutions, must develop internal anti-money laundering programs that include policies, procedures, and controls to prevent the misuse of their systems. These programs must be designed to detect and report suspicious transactions, as well as ensure high standards in employee hiring and ongoing training.

Financial Intelligence Unit (FIU)

The Financial Supervision Department has established a Financial Intelligence Unit (FIU) under its authority, which will have independent decision-making powers to exercise its functions under this law. The FIU will receive reports from reporting entities and analyze them on the basis of all relevant information available.

Confidentiality

• Officers, employees, and agents of the FIU are required to keep confidential any information obtained within the scope of their duties.
• Information related to suspicious transactions may not be used for any purposes other than those provided for by this law and may not otherwise be disclosed except by order of a court.

Annual Reporting

• The Financial Intelligence Unit will submit an annual report to the Supreme Council and the Council of Ministers, providing an overall analysis and evaluation of the reports received.
• The report will include information on money laundering trends, financing of terrorism, and other work engaged in by the FIU.

Media Contact

For any questions or concerns related to this regulation, please contact:

[Name] Financial Supervision Department Phone: [phone number] Email: [email address]

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