Anti Money Laundry and Financial Intelligence Unit (1)


Hi folks.

When you think of ‘money laundry’, what comes up in your head? You may recall some news you have seen or heard, movies, and so on. I hope none of our blog readers is engaged in such a criminal act!

Actually, money laundry does happen in our society. It is not just an interesting theme for Hollywood movies. Sometimes money flows are moving illegally, preventing economic and financial system from maintaining transparency and fairness.

Those flows should be closely investigated, deserving lawful punishment. Financial Services Commission has a special division to deal with this matter. That is, ‘Financial Intelligence Unit (FIU)’. FIU collects documents, reports and any other information suspicious of money laundry. In cooperation with other government bodies and related entities, FIU is able to collect information for further investigation.

At the time of establishment, FIU was under the Finance Ministry in 2001. After a few years with some changes in government administration, FIU is now a part of Financial Services Commission. Regardless of where it is affiliated to, FIU has been carrying on money laundry investigation.

Other than its investigation task, FIU educates financial companies for the purpose of promoting transparent and fair management. Considering that FIU’s work demands a lot of cooperation from related bodies, FIU maintains its close relationship with international organizations in charge of anti money laundry.

For the public to enhance their understanding of anti money laundry, FIU publishes its annual report based on the past year’s work. ‘Anti Money Laundry Annual Report: 2011’ came out this month. It is over hundred pages, and I guess many of you might find it so long to read. I will let you know the essence of the report. Please keep your watch on the follow-up posts to be written this week!



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