Intelligence Analysis

The FIU is the established Central Agency in Mauritius responsible for receiving, requesting, analysing and disseminating to investigatory and supervisory authorities, the Counterterrorism Unit and Registrars disclosures of information-

a. concerning suspected proceeds of crime and alleged money laundering offences:
b. required by or under any enactment in order to counter money laundering: or
c. concerning the financing of any activities or transactions related to terrorism.

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 FIU 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 FIU also receives Non-STR disclosures from Investigatory & Supervisory authorities, foreign FIUs and other sources.

In accordance with section 14 (1) every reporting person or auditor shall, as soon as he becomes aware of a suspicious transaction, make a report to the FIU of such transaction not later than 5 working days after the suspicion arose. Section 14(3) of FIAMLA further provides that : if a reporting person or auditor – (a) becomes aware of a suspicious transaction or (b) ought reasonably to have become aware of a suspicious transaction, and he fails to make a report to the FIU of such transaction not later than 5 working days after the suspicion arose he shall commit an offence and shall, on conviction, be liable to a fine not exceeding one million rupees and to imprisonment for a term not exceeding 5 years.

2. Collection of information

Following information available from STRs and other disclosures received, the FIU collects information from domestic and foreign sources including closed and open 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 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.

In accordance with section 13(4) of the FIAMLA: Where a reporting person or an auditor receives a request for information under subsection (2) or (3), the reporting person or auditor shall, notwithstanding section 300 of the Criminal Code and any other enactment, furnish, as soon as practicable but not later than 15 working days after the request, the FIU the requested information.

4. Analysis of information

Based on all information available through STRs and non-STR disclosures received and other information collected and evaluated, the FIU 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 Director is legally empowered to disseminate information and the results of the analysis of the FIU to the relevant authority, supervisory authority, overseas financial intelligence unit, the Counterterrorism Unit, Registrars or comparable body for appropriate action. The Director may for the purpose of assessing whether any information should be disseminated to investigatory authorities, the Counterterrorism Unit or Registrars, request further information in relation to the suspicious transaction from (a) the reporting person or auditor who made the report and (b) a reporting person or an auditor who is, or appears to be, involved in the transaction. Further, section 13(4) provides that the Director may, notwithstanding section 64 of the Banking Act or any other enactment, for the purposes of assessing whether any information should be disseminated to the investigatory or supervisory authority, Government agency, the Counterterrorism Unit, Registrars or overseas financial intelligence unit or comparable body, request for further information in relation to the suspicious transaction from any reporting person or auditor who is involved, or appears to be involved, in the transaction.