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World Bank

World Bank. Role of the FIU in Implementing an Effective AML Regime. Mark Butler Financial Sector Specialist, Financial Market Integrity, The World Bank April 18, 2006. Presentation Overview. Core Functions of the FIU Reports from Financial Institutions

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World Bank

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  1. World Bank Role of the FIU in Implementing an Effective AML Regime Mark Butler Financial Sector Specialist, Financial Market Integrity, The World Bank April 18, 2006

  2. Presentation Overview • Core Functions of the FIU • Reports from Financial Institutions • Dissemination of Financial Intelligence • Other Functions of the FIU • Training • Information Exchange and Co-operation • Public Awareness Raising • Research • Supervisory • Freezing Transactions and Accounts

  3. Core Functions of an FIU “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, or ii) required by national legislation or regulation, in order to combat money laundering” Egmont Group

  4. Reports from Financial Institutions Format of Report • Simple and easy to complete • All necessary fields are included • All mandatory fields are clearly marked Reporting Mechanism • Efficient and Cost Effective • Acknowledgement of Report • Point of Contact • Requests for Further Information

  5. Dissemination of Financial Intelligence Dissemination to Domestic Law Enforcement or Prosecutorial Authorities -Timely & Accurate - Complete as possible Dissemination to Other Domestic Agencies - enhance supervision of reporting entities • Dissemination to Foreign FIUs • exchange of intelligence to support development of a case – domestically or overseas • intelligence basis - not to be used as evidence

  6. Other FIU Functions Training Reporting Institutions • Enhance STR Quality • Feedback • Identification of STRs • Development of Internal Training Programs Government Departments • Investigation Agencies • Supervisory Agencies • Policy Bodies

  7. Other FIU Functions Information Exchange and Co-operation • Liaison with Domestic Counterparts • Liaison with International Counterparts • Sanitization of Cases

  8. Other FIU Functions Public Awareness Raising • Create Confidence in the System • KYC Requirements for Reporting Bodies • Annual Report • Publicize Success Stories

  9. Other FIU Functions Research • Enhance management of FIU • Determine FIU and/or national policy • Identify new vulnerabilities • New typologies

  10. Other FIU Functions Supervisory • Compliance with local AML/CFT law / regulations • All reporting institutions or one sector • Registration of entities

  11. Other FIU Functions Freezing Transactions and Accounts • Limitations – Time or Scope of Freezing Order • Notification to Reporting Institutions • Liaison with Law Enforcement

  12. World Bank Role of the FIU in Implementing an Effective AML Regime Mark Butler Financial Sector Specialist, Financial Market Integrity, The World Bank April 18, 2006

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