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Intelligence Analysis

The FIU was established as the central authority to receive, analyse and disseminate results of its findings regarding suspected proceeds of crime and alleged money laundering offences as well as the financing of any activities or transactions related to terrorism, to relevant authorities. The department within the FIU dealing with the core functions set under Section 10 of the FIAMLA is known as the Financial Investigative Analysis Division (FIAD).

The FIAD operates as an independent central agency, having the core functions of:

  •  receiving information concerning suspected proceeds of crime and alleged money laundering offence through Suspicious Transactions Reports (STRs) and non – STR disclosures;
  • collecting information, carrying out financial investigative analysis; and
  • where appropriate, making disseminations to investigatory and supervisory authorities and Registrars concerning suspected proceeds of crime, alleged money laundering offences and the financing of any activities or transactions related to terrorism.
    The products of the FIU are intelligence packages that constitute leads for use by investigatory and supervisory authorities in carrying out their functions.

The Financial Investigative Analysis process

In the delivering of its mandate, the FIAD has set up a comprehensive process to properly discharge its duties. The process is as below:

Receipt of STR and Non-STR Disclosures

The FIAD receives input from Suspicious Transaction Reports (“STR”) filed by Reporting Persons or Reporting Entities as per Section 14 of the FIAMLA 2002. In addition, the FIAD also receives Non-STR disclosures from Investigatory & Supervisory authorities, foreign FIUs and other sources. Inbound and outbound Cross Border Declarations are also received by FIAD from the Customs & Excise Department.

2. Collection of information

Following information available from STRs and other disclosures received, the FIAD collects information from domestic and foreign sources including closed (accessible to those with authority to access the information) and open (accessible to the general public or where appropriate, commercially held data) sources. Reliable, accurate and timely information facilitate both operational and strategic analysis.

3. Request for information

The request function of the FIU is set out in Section 13 of the FIAMLA. The FIU, through the FIAD, has the ability to request and obtain information from reporting entities, supervisory and investigatory authorities, foreign counterparts or any other competent bodies, as needed to perform its analysis.

4. Analysis of information

Based on all information available through STRs and non-STR disclosures received and other information collected and evaluated, the FIAD performs both:

  • Operational analysis to identify potential money laundering and terrorist financing cases; and
  • Strategic analysis to identify money laundering and terrorist financing related trends and patterns.

5. Dissemination of information

The FIAD is able to disseminate information and the results of its analysis to relevant:

  1. Investigatory authorities when there are grounds to suspect money laundering, predicate offences or terrorist financing;
  2. Supervisory authorities in case of any regulatory breach;
  3. Its foreign counterparts; and
  4. Other authorities in case of prevention of crime.

Full statutory Dissemination Reports are made under Section 13 of the FIAMLA while Intelligence Reports which might be relevant to the investigatory, supervisory authorities, overseas counterparts and other competent authorities are made under Sections 20, 21 and 30 of the FIAMLA.