Financial Intelligence Units: An Overview What's New Site Map Site Index Contact Us Glossary Home About the IMF Research Country Info News Videos Data and Statistics Publications Legal Issues, Governance, and the IMF Financial Intelligence Units: An Overview June 2004, International Monetary Fund Español Français Russian Use the free Adobe Acrobat Reader to view the full text (1022 kb pdf file) Contents Foreward Acknowledgments 1. Introduction 2. Establishing an FIU Steps in Establishing an FIU Key Decisions Consultations with Private Sector Financing an FIU Types of FIUs Administrative-type FIUs Law-enforcement-type FIUs Judicial or prosecutorial-type FIUs Hybrid FIUs International Considerations The FATF Recommendations International Conventions Core Principles of Financial Sector Supervision Model Laws Institutional Autonomy and Accountability Placement in Administration Appointment and Dismissal of FIU Head Reporting Arrangements Organization and Staffing Internal Organization Staffing Liability of Staff and Confidentiality of Information Security Issues 3. Core Functions of an FIU Receiving Transaction Reports Who Must Report? Financial institutions Banks and insurance and securities companies Nonfinancial businesses and professions Casinos Real estate agents and dealers in precious metals and precious stones Lawyers, notaries, other independent professionals, and accountants Trust and company service providers Others What Is to Be Reported? Suspicious Transaction Reports What is a suspicion? What is criminal activity for purposes of the reporting obligation? Reports of Transactions Related to Terrorism Financing Reports of Transactions Above a Specified Amount Reports of Cross-Border Transportation of Currency and Bearer Negotiable Instruments Data from Other FIUs Rules Related to Reporting Entities Confidentiality of customer information Rules against tipping off Immunity of reporting entity and its staff for reports made in good faith Form and Contents of Reports to FIU Improving Flow and Quality of Reports Outreach actions Administrative sanctions Criminal sanctions Analyzing Reports Tactical Analysis The FIUs own data Publicly available sources Government-held databases Additional information from original reporting entities and other entities Other FIUs Operational Analysis Strategic Analysis Disseminating Reports Transmitting Reports for Investigation or Prosecution Sharing Information with Other Domestic Agencies International Information Sharing Legal basis for exchanges of information between FIUs Exchange of information Special arrangements for terrorist financing cases Egmont Group principles of information exchange in money-laundering cases 4. Other FIU Functions Monitoring Compliance with AML/CFT Requirements AML/CFT Supervision Arrangements FIU as AML/CFT Supervisor Information Exchange and Cooperation Blocking Transactions and Freezing Accounts Training for Staff of Reporting Institutions in Reporting and Other Requirements Conducting Research Enhancing Public Awareness of AML/CFT Issues 5. Enhancing the Effectiveness of FIUs Collecting Relevant Data Identifying Opportunities for Improvement 6. International Assessments of FIUs Standards Regarding FIUs Assessing Compliance with FIU-Related Standards 7. Conclusions Appendixes I. Statement of Purpose of the Egmont Group of Financial Intelligence Units II. Procedure for Being Recognized as an Egmont Group Financial Intelligence Unit (FIU) III. The Egmont Group: Operational Financial Intelligence Units of the World IV. Interpretive Note Concerning the Egmont Definition of a Financial Intelligence Unit V. Egmont Group: Principles for Information Exchange Between Financial Intelligence Units for Money-Laundering Cases VI. Egmont Group: Best Practices for the Improvement of Exchange of Information Between Financial Intelligence Units VII. FATF 40 Recommendations (2003) VII. FATF Special Recommendations on Terrorist Financing IX. International Convention for the Suppression of the Financing of Terrorism X. United Nations Convention Against Transnational Organized Crime XI. United Nations Convention Against Corruption Bibliography Tables 1. FIU Power to Block Transactions and Freeze Accounts in Selected Countries Figures 1. Typical FIU Information Flow 2. Typical FIU Organization Chart Boxes 1. Administrative-Type FIUs 2. Example of an Administrative-Type FIU: Slovenias Office for Money Laundering Prevention (OMLP) 3. Law-Enforcement-Type FIUs 4. Example of a Law-Enforcement-Type FIU: United Kingdoms National Criminal Intelligence Service (NCIS) 5. Judicial or Prosecutorial-Type FIUs 6. Egmont Group of Financial Intelligence Units 7. Norms and Standards on FIUs in European Union 8. FIUs in Very Small Developing Island Economies 9. Sharing Information with Other Domestic Agencies 10. Requesting Information from an FIU 11. FIU.NET Home What's New Site Map Site Index About the IMF Research Country Info News Videos Data and Statistics Publications Copyright and Usage Privacy Policy How to Contact Us Franais Espaol