Financial Crime World

Yemen’s Financial Intelligence Unit Shines in Fight Against Money Laundering and Terrorist Financing

In a significant achievement in the fight against financial crime, Yemen’s Financial Intelligence Unit (FIU) has published its second annual report with support from USAID’s Economic Recovery and Livelihoods Program (ERLP). The report highlights the unit’s efforts to combat terrorist financing and money laundering, a major concern for global security.

Establishment of Aden’s FIU

Aden’s FIU was established in 2019 as a central hub for receiving, analyzing, and disseminating financial intelligence related to suspicious transactions and activities. Since 2020, USAID ERLP experts have been working closely with the unit to establish its foundation and align its oversight activities with best practice requirements for international anti-money laundering/counter financing terrorism (AML/CFT) initiatives.

Key Achievements

  • The FIU has identified patterns, trends, and anomalies within financial data that may indicate connections to criminal and terrorist activities.
  • The collaboration has enabled the unit to implement best practices in AML/CFT procedures and mitigation measures, providing a major additional incentive for bank compliance with reporting requirements.
  • The FIU has established a five-person AML/CFT unit within the Central Bank of Yemen to oversee inspections of banks and exchange houses.

International Cooperation

Aden’s FIU has expanded its national and international network, signing Memoranda of Understanding (MOUs) with several countries, including:

  • Algeria
  • Ethiopia
  • Jordan
  • Libya
  • Somalia
  • United Arab Emirates

The unit has also published its first annual report and conducted targeted capacity development for its staff.

Statement from Aden FIU Head

“Through cooperation with USAID/ERLP, we have addressed legislative and legal gaps, resulting in an improved business environment and heightened transparency and integrity.” - Mr. Basem Dabwan, Head of Aden’s FIU

Conclusion

The report concludes by highlighting Aden’s FIU’s commitment to presenting itself in the best possible light, adhering to the highest standards and qualities. The unit looks forward to further enhancing its positive image through continued partnership and cooperation with USAID ERLP.

Future Plans

  • Continue to work closely with international partners to enhance its capabilities and reputation.
  • Expand its network of countries to share intelligence and best practices in AML/CFT initiatives.
  • Enhance its reporting mechanisms to provide real-time information on suspicious transactions.