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Law enforcement agencies use our information: FIU

November 5, 2018 11:32 pm

The Financial Intelligence Unit currently has $12 – $15million financial transaction information in its database.

Director, Razim Buksh says the Unit receives several types of reports under the Financial Transactions Reporting Act.

These include international remittance transactions, cash transaction reports, border currency transaction reports and suspicious transaction reports.

Buksh says they have now opened the window for other agencies to go and use their information for investigation purpose.

”So this information is then used by the FIU for its own profiling and investigation and also it can be used by the law enforcement agencies for conducting their own profiling and investigation and of course this information is critical for major drug and cybercrime cases and it is very positive and good to see that the law enforcement agencies – whereas in relation to tax evasion, drugs, corruption, fraud – the information we collect is effectively used by the law enforcement agencies.”

The FIU has investigated five hundred suspicious transactions for the first nine months of this year.