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FIU receives 522 suspicious transactions

July 7, 2014 5:06 am

More than one million international remittance transactions were reported by financial institutions last year.

This figure is highlighted in the recently released Financial Intelligence Unit 2013 annual report.

The report revealed that the unit received 522 suspicious transaction reports and 380,430 cash transaction reports.

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The FIU received 160 investigation requests from law enforcement agencies and 46 requests for background checks from government agencies.

A statement from Reserve Bank’s FIU department shows that 459 border currency reports were filed in 2013.

Intelligence reports developed by the FIU led to successful and on-going investigation and prosecution of money laundering and other serious criminal activities such as fraud, tax evasion, corruption, cyber crime, human and drug trafficking.

In 2013, 284 intelligence reports were disseminated. Additional investigation and financial checks and profiling were conducted on 130 business entities and 362 individuals.

A total of 71 entities and 70 individuals were also screened for due diligence and background checks last year.

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