08) What is a Financial Intelligence Unit (FIU)?

The FIU is a central national agency responsible for receiving – and as permitted – request, analyze and disseminate relevant information to the competent authorities on suspected proceeds of crime and potential financing of terrorism or Money laundering.

Note – As a means of combating money laundering and terrorist financing, Recommendation 23 of the Financial Action Task Force (FATF), states that “countries should establish a FIU that serves as a national centre for the receiving…, analysis and disseminating of Suspicious Transaction Reports (STR) and other information regarding potential money laundering or terrorist financing”