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FIU begins on site inspections

September 17, 2019 1:06 pm

The Financial Intelligence Unit has so far inspected twenty-two businesses for compliance with anti-money laundering laws.

The FIU has mainly focussed on commercial banks but Director Razim Buksh says they are now looking at law firms, accounting firms, and real estate agents.

“Somehow the other sectors such as law firms, accounting firms, and real estate agents weren’t given that much importance. We’re trying to have this sector thoroughly covered under our compliance framework. Since last year, we have began on-site inspections of the law firms, accounting firms and real estate agents .”

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Buksh says these businesses handle large sums of cash – often in a single transaction – and are bound by the same anti-money laundering laws.

 

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