Based on FATF Recommendation 29 each country is required to establish an FIU to act as a national center responsible for:
- Receiving reports from regulated and other entities,
- Analysis of these reports and the
- Dissemination of intelligence derived from these reports to law enforcement and other agencies.
Reports Submitted to the FIU
The FIU receives on a daily basis the following reports from regulated and non-regulated entities:
- Suspicious Transaction Reports
- Threshold Transaction Reports
- Listed Entities Reports
- Authorized Disclosures
- Reports of International Transportation of Currency or Bearer Negotiable Instruments
In addition, the FIU receives requests for consent from entities, which have suspicions related to money laundering on specific transactions. The FID has seven (7) working days in which to respond to these requests and so the FIU works closely with the Consent Assessment Team (CAT) from FIT to ensure timely responses.
Other Activities of the FIU
Through the Financial Profile Section, the Unit also:
- Conducts fit and proper checks for the Bank of Jamaica (BOJ)
- Prepares Due Diligence reports for other government agencies
- Prepares Financial Profiles on the request of various police units
- Responds to requests for information from FIT
The FIU forms the hub of the FID, engaging directly with the reporting entities and ensuring that relevant data are disseminated to other units and agencies.