Financial Crime World

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Yemen Establishes Financial Intelligence Unit to Combat Money Laundering and Terrorism Financing

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In a move to strengthen its efforts against money laundering and terrorism financing, Yemen has established a Financial Intelligence Unit (FIU) under the Central Bank. The unit will be responsible for collecting and analyzing information on suspicious transactions and activities, and will work closely with law enforcement agencies and international partners to combat these threats.

Unit’s Responsibilities

According to Article 30 of the law, the FIU will have a head and specialized members with expertise in:

  • Financial analysis
  • Law enforcement
  • Information systems
  • Legal affairs

The unit will receive and analyze notifications from financial and non-financial institutions, as well as supervisory bodies, on suspicious transactions and activities related to money laundering or terrorism financing. It will also request additional information from relevant parties, including financial institutions and government agencies, to support its investigations.

In cases where there are serious indications of illegal activity, the unit will submit reports to the Public Prosecution with all relevant evidence.

International Cooperation

The law emphasizes the importance of international cooperation in combating money laundering and terrorism financing. Article 32 allows the FIU to exchange information with counterpart units in other countries, provided that:

  • The Committee is furnished with copies of the information
  • Principles of confidentiality and reciprocity are observed

Reporting Requirements

The FIU will submit quarterly reports on its activities to the Ministerial Cabinet or upon request. The unit may also publish regular activity reports, including:

  • Statistics
  • Analytical studies on anti-money laundering and combating the financing of terrorism (AML/CFT)

Budget and Regulation

Article 28 authorizes the Committee to establish relations with international organizations and counterparts in different countries to facilitate its tasks and duties. The Committee will submit a proposed budget for adoption by the concerned authorities.

Seminars and Workshops

The FIU will hold seminars and workshops on AML/CFT, as well as represent Yemen in international events related to these issues.

Extradition

Article 34 allows the Committee to provide information on specific operations to other states upon official request, if it is related to money laundering or terrorism financing.