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The Financial Intelligence Unit (FIU) was formed in December, 2000 under the Financial Intelligence Unit Act, 2000. This Act outlines the functions and powers of the agency. The FIU is the national centre responsible for receiving, analyzing, obtaining, and disseminating information which relates to the proceeds of crime offences under the Proceeds of Crime and Anti-Terrorism Acts of The Bahamas. The FIU is also the body responsible for co-operation between FIU’s in other countries. In June 2001, the FIU became the 54th member of Egmont Group of Financial Intelligence Units. Mr. Reuben S. Smith Q.P.M, RVM who heads the FIU was appointed Director in June 2013.
Suspicious Transaction Reports (STRs) are one of the main weapons in the fight against money laundering and other financial crimes that the Royal Bahamas Police Force uses to initiate money laundering investigations. According to the most recent figures, the FIU received a total of 297 STRs in 2015 from financial institutions in The Bahamas, inclusive of company service providers, credit unions, domestic banks, offshore banks, attorney-at-law, trust companies, stock brokers, fund managers and real estate agents for analysis. The 297 STRs received in 2015 represented a 44.87% increase in STRs received over the same period in 2014. A total of 21 STRs were subsequently forwarded by the FIU to the Commissioner of Police for investigation.
During the same period, a number of requests for assistance with financial investigations were received from the Royal Bahamas Police Force, as well as from foreign financial intelligence units. The FIU provided invaluable assistance to these agencies in the continuous fight against criminal conduct, inclusive of money laundering and terrorist financing.
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