As an administrative FIU, the Unit performs three traditional core functions and these are: monitoring and analysis;

As an administrative FIU, the Unit performs three traditional core functions and these are: monitoring and analysis; compliance and prevention; and informational cooperation and data exchange. However, Section 13 of the AML/CFT 2012 Act sets out comprehensively the functions of the FIU including the traditional core functions for the proper and effective policing of the activities of financial institutions and designated non-financial business and professions.

More specifically, the FIU’s functions are to:

  • receive and request disclosure of financial information on transactions and other information relevant to suspected money laundering and terrorist financing activities;
  • receive reports on the cross-border movement of large amounts of currency or monetary instruments;
  • analyze and assess the information it receives to substantiate possible existence of money laundering or terrorist financing activities;
  • provide appropriate law enforcement authorities with financial intelligence that it suspects would be relevant to the investigation or prosecution of money laundering and terrorist financing offences;
  • monitor compliance by financial institutions and other reporting entities within their obligations under the AML/CFT Act and regulations;
  • educate the public and create awareness on matters related to money laundering and terrorist financing;
  • prepare and deliver training programs to financial institutions with a view to facilitate their compliance with the AML/CFT Act;
  • Conduct research into trends and developments in the area of money laundering and terrorist financing and improved ways of detecting, preventing and deterring money laundering and terrorist financing, and extend assistance to foreign jurisdictions with respect to property tracking, monitoring and confiscation orders.