Financial Intelligence Unit Warns Entities to Report Suspicious Transactions and Freeze Assets of Designated Persons
The Financial Intelligence Unit (FIU) in Barbados has issued a warning to all financial institutions and designated non-bank financial institutions (DNFBPs) to be vigilant in detecting and reporting suspicious transactions related to designated persons.
Reporting Suspicious Transactions
The FIU is urging entities to report any suspicious or unusual transactions involving designated persons, as well as freeze assets of such individuals without delay. This is in accordance with the Anti-Terrorism Act and other relevant laws.
What You Need to Know
- Designated persons include individuals who have been designated as terrorists or proliferators under international law.
- Entities must report any suspicious or unusual transactions involving designated persons to the FIU without delay.
- Assets of listed individuals must be frozen without delay after receiving notification from the FIU.
- Freezing must only occur once a designation order or counter-proliferation order has been disseminated.
What You Need to Do
Detection and Reporting
- Be vigilant in detecting and reporting suspicious transactions related to designated persons.
Screening and Freezing
- Screen against the United Nations Security Council List and freeze assets of listed individuals without delay after receiving notification from the FIU.
- Freeze assets only once a designation order or counter-proliferation order has been disseminated.
Reporting Requirements
- Submit reports on terrorist/proliferation funds to the FIU and your relevant supervisory authorities, as required by law.
Contact Us
For more information or to report suspicious transactions, contact the Financial Intelligence Unit at:
- P.O. Box 1372
- Bridgetown, Barbados
- Phone: (246) 436-4734/5
- Email: adminfiu@barbados.gov.bb
- Website: [insert website URL]
Submit Your Reporting Form
To submit your report on terrorist/proliferation funds, use the reporting form below:
[Insert reporting form]
Note: The reporting form is available for download from the FIU’s website or can be obtained by contacting the FIU directly.
About the Financial Intelligence Unit
The Financial Intelligence Unit (FIU) is a national agency responsible for collecting, analyzing and disseminating financial intelligence to support the prevention of money laundering, terrorist financing and other financial crimes.