Dec 23, 2020 News
– 29 new reporting agencies registered
Kaieteur News – The Financial Intelligence Unit (FIU) says 29 new reporting agencies have registered on its database this year to support the fight against money laundering.
FIU Director, Matthew Langevine, disclosed that this brings the total number of new agencies registered to 246.
Many of the entities are banks, cambios, money transfer agencies, gold and diamond dealers, and the gambling sector, including lotteries and casinos. Real estate agencies and car dealers are among several entities from the non-financial sectors also onboard.
“What that effectively does, is it allow for us to have a large amount of data coming into the FIU, which is more effective in helping us to understand the financial transactions of persons who may be the subject of investigations,” Langevine told DPI on Monday.
He said the reporting entities continue to meet their obligations to the FIU, including reporting suspicious transactions, and submission of threshold and terrorist property transaction reports.
The FIU head said the agency was able to collaborate with both local and international law enforcement agencies as there have been many “changes to the types of transactions and threats that exist within the financial sector.”
Meanwhile, Langevine said the FIU has also seen a decrease in reports of suspicious transactions for 2020. This, he said, may be due to reduced financial activities caused by the COVID-19 pandemic.
He said with several businesses closing during the onset of the pandemic, reports of suspicious transactions also dwindled.
At the end of November, the FIU had received some 309 reports of suspicious financial transactions as against 467 in 2019.
“Importantly, the sources of the suspicious transactions continue to be primarily from money transfer agencies, commercial banks, and, to a lesser degree, the gold trading sector. All in all, it has allowed for us to support the law enforcement efforts to investigate suspected criminal and money laundering schemes,” he said.
The FIU was established under the Anti-Money Laundering Countering the Financing of Terrorism (AML/CFT) Act, to support law enforcement with investigations into money laundering. Its primary work involves receiving, analysing and disseminating information related to suspected financial crimes.(DPI)
DECEPTION & CORRUPTION getting WORSE by the minute in GUYANA.
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