FIU identifies over $241m tainted proceeds
February 13, 2019 6:45 am
The Financial Investigation Unit received and analyzed 650 suspicious transaction reports in 2017.
Of this, 448 intelligence reports were disseminated to law enforcement agencies for further investigation of possible tax evasion, money laundering and other serious offences.
Director, Razim Buksh says the total value of funds that were identified by the FIU as possible tainted proceeds in the 448 intelligence reports was approximately $241.3million.
Buksh says there were four successful money laundering convictions, 46 border currency smuggling cases, and several successful tax evasion and predicate crime investigations in 2017.
For the same period, the FIU also provided 205 investigative assistance and 75 due diligence assistance on 836 entities and 783 individuals to law enforcement and other agencies relating to ongoing criminal investigations and background checks.
The revelations were made in the 2017 Financial Intelligence Unit Annual Report which was tabled in Parliament by Attorney-General Aiyaz Sayed-Khaiyum.