Financial Intelligence Units: An Overview
Manuals & Guides, June 17, 2004
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- Financial Intelligence Units: An Overview
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Bibliographic details
- Published: June 17, 2004
- Series: Manuals & Guides
- DOI: https://doi.org/10.5089/9781589063495.069
Overview
- Over the past decade and beyond, the need for a modern anti-money-laundering strategy has become widely accepted internationally.
- Depriving criminal elements of the proceeds of their crimes has increasingly been seen as an important tool to combat drug trafficking and, more recently, as a critical element in fighting organized crime, corruption, and the financing of terrorism, and maintaining the integrity of financial markets.
- This handbook responds to the need for information on FIUs. It provides references to the appropriate Financial Action Task Force (FATF) standards wherever appropriate.
Historical development and scope
- The first few financial intelligence units (FIUs) were established in the early 1990s in response to the need for countries to have a central agency to receive, analyze, and disseminate financial information to combat money laundering.
- Over the ensuing period, the number of FIUs has continued to increase, reaching 84 in 2003.
Purpose and functions of FIUs (as described)
- Central agency to receive, analyze, and disseminate financial information to combat money laundering.
- Support broader objectives including combating drug trafficking, organized crime, corruption, and the financing of terrorism, and maintaining the integrity of financial markets.
- The handbook provides references to FATF standards to guide FIU design and operations.
Subjects and keywords covered
- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT); Crime; Legal support in revenue administration; Money laundering; Revenue administration; Terrorism financing.
- Keywords: Africa; Anti-money laundering and combating the financing of terrorism (AML/CFT); anti-money-laundering strategy; Barbados FIU; Caribbean; FATF recommendation; FIU; FIU design; FIU intelligence; FIU official; FIU staff; functions present; Global; information; Legal support in revenue administration; M&G; Money laundering; requesting FIU; Terrorism financing.