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Role of the Financial Intelligence Unit

Role of the Financial Intelligence Unit. 31 August 2012 Simon Goddard MOLI SERBIA. Requirements for the FIU. Challenges to the FIU Type of data to be gathered and analyzed Different analytical tools Preparation of the product Funding and sustainability of the FIU budget. Egmont Group.

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Role of the Financial Intelligence Unit

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  1. Role of the Financial Intelligence Unit 31 August 2012 Simon Goddard MOLI SERBIA

  2. Requirements for the FIU • Challenges to the FIU • Type of data to be gathered and analyzed • Different analytical tools • Preparation of the product • Funding and sustainability of the FIU budget

  3. Egmont Group • A central, national agency responsible for receiving, (and as permitted, requesting), analysing and disseminating to the competent authorities, disclosures of financial information: (i) concerning suspected proceeds of crime and potential financing of terrorism, or (ii) required by national legislation or regulation, in order to combat money laundering and terrorism financing.

  4. Egmont Group • Expanding and systematizing international cooperation in the reciprocal exchange of information; • Increasing the effectiveness of FIUs by offering training and promoting personnel exchanges to improve the expertise and capabilities of personnel employed by FIUs; • Fostering better and secure communication among FIUs through the application of technology, such as the Egmont Secure Web (ESW); • Fostering increased coordination and support among the operational divisions of member FIUs; • Promoting the operational autonomy of FIUs; and • Promoting the establishment of FIUs in conjunction with jurisdictions with an AML/CFT program in place, or in areas with a program in the early stages of development

  5. Egmont Group Working Groups • Legal • Outreach • Operational • Training • IT

  6. Challenges No set formula and is country specific • Structure / importance of financial crime • Government objectives • Available resources • Legal & administrative framework

  7. Challenges Change • Establish credentials • Relationships - national and international • Evolvement of business area • Evolvement of criminal behaviour • Legal obstacles to information sharing

  8. Challenges Corruption • Parliament • Law enforcement agencies • Prosecutors • Judiciary

  9. Reports • Numbers • Type • Manual [Paper] • IT • Planning

  10. Data to be gathered Tactical FIU Core function Receiving: Suspicious transaction / activity reports Cash Transaction Reports Large Value Transaction Reports Cross Border Transaction Reports

  11. Data to be gathered FIU Core function • Analyzing STRs (and other available information) • Disseminating financial intelligence to appropriate authorities

  12. Data to be gathered Strategic • Typologies • Trends • Statistics • Depository for AML/CFT expertise and information

  13. Analytical Tools • Brain • Technology • Mix of two

  14. Preparation of a product • Duty to send to relevant authorities • On request or unilaterally • In accordance with local legislation • Timely • Appropriate • Wanted

  15. Preparation of a product • National / organisational priorities • Intelligence requirements • Cooperation /coordination between agencies • Clear strategy • Training

  16. FIU Budget • Problem • Questions? • Thank you

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