Focused commitment to our mandate – FIU celebrating 14 years

submitted by The Financial Intelligence Unit

Overview:

The Financial Intelligence Unit (FIU) was established by the Financial Intelligence Unit Act (FIUA) Act, No. 38 of 2001. The FIU is empowered as the national centralized unit charged with the collection, analysis and dissemination of information which relates, or may relate, to the proceeds of crime to competent authorities. The FIU functions as a hybrid unit, with a plethora of skilled, qualified and experienced personnel. This unit is revered by many in the Caribbean region and beyond for its unprecedented success and is considered the ‘Centre of Excellence’, the birthplace of ground-breaking precedents in the fight against anti-money laundering offences.{{more}}

Legal Framework:

The FIU of St Vincent and the Grenadines since its inception has successfully lobbied for the enactment and amendment of foundational laws and regulations which further its mission, including, but not limited to, the Proceeds of Crime Act, No. 38 of 2013, Exchange of Information Act, Cap 146 of the Revised laws of 2009, Prevention of Trafficking in Persons Act, No. 27 of 2011, Anti-Terrorist Financing and Proliferation Act, No. 14 of 2015, Anti-Money Laundering and Terrorist Financing Regulations No 20 of 2014 and Confiscation in the Magistrate’s Court Regulations, No. 22 of 2015. These vital pieces of legislation equip the FIU with investigative tools and sanctions to effectively exercise its powers and functions.

Training and Capacity Building:

The FIU provides training to financial institutions as mandated under Section 4(2) (g) of the FIU-Act which includes:

• AML/CFT Workshops – organizing training workshops for listed financial institutions and stakeholders;

• Institutional Training – providing specific training to financial institutions;

• Individual Training – providing one-on-one training with specific individuals such as compliance officers, management and other reporting officers.

Additionally, there is continual development of the staff at the FIU through ongoing training and opportunities for further education in the field.

Cooperation:

The effectiveness of the unit is illustrated in the investigation of money laundering and terrorist financing offences such as money laundering, terrorist financing, analysis of Suspicious Activity Reports (SARs), cash seizures, detentions and forfeitures, civil recovery, confiscation proceedings, executing regional, local and international requests for assistance and cooperating and liaising with crucial stakeholders and international organisations. Pursuant to Regulation 26(3) of the AML/CFT Regulations 2015, all service providers are under an obligation to develop compliance mechanisms within their organization. Service providers are expected to implement in phases structures that comply with the relevant Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) legislation. This system is monitored by the FIU and an Annual Compliance Report is prepared capturing the progress of each listed service provider.

In the fight to eliminate the profit from crime, the FIU cooperates with essential state entities such as the Customs and Excise Department, the Ministry of Legal Affairs, the Director of Public Prosecutions, the Royal St Vincent and the Grenadines Police Force and other Regulatory bodies such as the Financial Services Authority and the Eastern Caribbean Central Bank. The partners listed are pertinent in the FIU achieving its mission, the FIU works closely with them to ensure that the borders of St Vincent and the Grenadines are protected from all criminal elements, whilst ensuring the safety of its citizens, through the elimination of profit from crime.

Furthermore, the FIU collaborates and cooperates with international bodies, countries and other member FIUs to fight against ML/TF offences by adhering to requests for Mutual Legal Assistance and facilitating the investigation and prosecution of crimes. The volume of incoming requests and response time stand as proof of the efficiency exercised by the FIU of St Vincent and the Grenadines.

Monitoring:

The main function of the FIU would not be discharged without monitoring the effectiveness of the system established to eradicate all offences under POCA. In an effort to oversee the effectiveness of its anti-money laundering policies, the FIU maintains comprehensive statistics which cover (1) property frozen, seized, detained and confiscated (2) money laundering investigations and convictions (3) Suspicious Activity Reports received, analysed and disseminated (4) international requests for Mutual Legal Assistance received and transmitted and (4) training and outreach conducted with law enforcement and regulated entities.

The height of excellence that the FIU has attained over its 14 years of existence can be attributed to dedicated, experienced personnel and the assistance and commitment of the relevant state entities which provide uncompromising support in the fight against money laundering and terrorist financing. The objective of the FIU is to execute its functions effectively and efficiently, so that the financial system within our borders runs smoothly without disruption from money launders and terrorist financiers.

Over the past years, our organization has grown, not only in size, but also in maturity, wisdom and effectiveness. Through the blessings of God, along with the enduring support of all stakeholders, we shall continue to soar to greater heights and remain as the stalwart unit of excellence within the region.