Intelligence Analysis
The FIU is the established Central Agency in Mauritius responsible for receiving, requesting, analysing and disseminating to investigatory, supervisory and other regulatory bodies 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 the law. In addition, the FIU also receives non-STR disclosures from Investigatory & Supervisory authorities, foreign FIUs and other sources.
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.
The law also 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
The FIU collects information from domestic and foreign sources including closed and open sources.
3. Request for information
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
The FIU performs both:
- Operational analysis to identify money laundering and terrorist and proliferation financing cases; and
- Strategic analysis to identify money laundering and terrorist financing related trends and patterns.
5. Dissemination of information
The FIU is legally empowered to disseminate information and the results of any analysis to the relevant national or international authority.