FIU officers attended a working session on ’Financial Intelligence Analysis’ in Johannesburg, South Africa from 20-24 February 2023.
The session was implemented by CIVIPOL, France and was part of a European Union-funded project on “Anti Money Laundering – Counter Financing of Terrorism in Eastern, Southern, Central Africa and Yemen” (referred hereafter as AML/CFT ESCAY project) which consisted of 34 countries across Eastern, Southern and Central Africa, covering all ESAAMLG and GABAC members as well as selected MENAFATF, and GIABA members. The project was divided in 3 groups and Mauritius was in the 1st group along with Ethiopia, Kenya, Seychelles, Tanzania, Uganda, Sudan, South Sudan and South Africa.
The working session covered topics such as:
- FATF standards on financial intel analysis;
- Intelligence management/process;
- Types of Intelligence analysis
- Financial intelligence analysis tools and instruments;
- Good practices on producing and disseminating quality financial intelligence reports;
- Overview of transnational organized crime, criminal networks and illicit financial flows;
- Virtual assets and financial intelligence analysis;
- The role of cooperation in producing quality financial intelligence; and
- Effective utilization of financial intelligence report, feedback and follow ups.
The overall objective of the training was to reinforce the financial intelligence analysis capability of FlUs contributing to the enhancement of AML effectiveness.
The outcomes of the working sessions were:
- To better organize information received from reporting entities on suspicious activities/transaction and/or regulatory filings;
- To better collect more information from other sources, analyze information, produce and disseminate analytical products to identify suspicious activity, person of interest, networks and patterns and to disrupt the flow of illicit finance; and
- Improved investigation and prosecution of ML/TF cases as well as confiscate proceeds of transnational organized crime.
Ultimately, the participation of Mauritian FIU officers in sessions on financial intelligence analysis contributes to the overall strengthening of the country’s financial intelligence capabilities. It reinforces their role as key players in safeguarding the integrity of the Mauritian financial system and protecting it from illicit activities. By investing in continuous professional development, Mauritius demonstrates its commitment to combatting financial crime and maintaining a robust and secure financial sector.