few years of the FIU’s existence, since there may be considerable initial reticence to overcome before satisfactory levels of reporting can be achieved. Training programs may also flag issues in the implementation of the legislation on reporting that can be addressed at a later stage. Finally, training can give staff of reporting entities a sense of purpose and of the importance of the work they perform, which can be a factor in the FIU’s obtaining improved reporting.
Training on recognizing suspicious transactions can be done by the FIUstaff, external (private
This report was prepared by the Legal Department of the International Monetary Fund (IMF). It provides a summary of the Antimony Laundering and Combating the Financing of Terrorism (AML/CFT) measures in place in St. Vincent and the Grenadines (SVG) and of the level of compliance with the FATF 40+9 Recommendations, and contains recommendations on how the AML/CFT system could be strengthened. The assessment is based on the information available at the time of the mission. The preventive measures regime covers most of the financial and designated nonfinancial businesses and professions (DNFBP) sectors.
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. 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. This handbook responds to the need for information on FIUs. It provides references to the appropriate Financial ActionTask Force (FATF) standards wherever appropriate.
overview of the range of experience countries and FIUs have had up to now.
Moreover, FIUs currently face a series of unique challenges. The scope of their responsibilities is being widened to include dealing with the financing of terrorism, in addition to money laundering and the related predicate offenses. Financial information related to the financing of terrorism is, in many ways, different from financial information regarding other crimes, thus raising issues of methods of information analysis and of training for FIUstaff. The range of reporting entities is also
, while 13 percent were rated “materially noncompliant” and 28 percent were rated “noncompliant.”
Other findings relating to FIUs concerned the independence of the FIU, its staffing, clarifying its role vis-à-vis supervisors, strengthening its organizational structure, providing it with wider access to official databases, improving the training and skills of FIUstaff, and developing management-reporting systems to monitor the effectiveness of the FIU.
Concurrently with the carrying out of those IMF assessments, the Fund, the World Bank, and other institutions
legal framework. The resources of the FIU require strengthening if it is to perform 2 the roles of an intelligence and investigative unit more effectively. Further training of the FIUstaff is also desirable. Arrangements should also be made for awareness raising among prosecutors and the judiciary .
Insurance sector supervision
The BMA should provide guidance to the auditors conducting on-site visits to insurance entities in respect of aspects of AML/CFT risk to be assessed during visits. The current legal framework for the insurance sector should be amended
International Monetary Fund. Asia and Pacific Dept
vigorously pressing on with reforms to comply with the international AML/CFT standards . The authorities have published Samoa’s AML/CFT national strategy, as recommended by the Asia/Pacific Group on Money Laundering. Recent efforts include two financial intelligence unit (FIU) staff attaining certification from the Association of Certified Anti-Money Laundering Specialist (ACAMS) and training for police recruits as well as the judiciary. Authorities have also continued with on-site inspections of MTOs to improve AML/CFT compliance.
Collaborated participation of the
Bolivia’s system to prevent and suppress money laundering fulfills most of the Financial Sanctions Related to Terrorism and Terrorist Financing (FATF) recommendations and applies to the insurance, stock market, and financial sectors. However, the system does not include other activities that are susceptible to money laundering. The institutional regulatory and financial intelligence responsibilities for combating money laundering are concentrated in the Bolivian Financial Intelligence Unit. Bolivia should continue to improve the legislation aimed at combating this offense, and strengthen the imposition and supervision of controls.