Money laundering activities surfacing

The Financial Intelligence Unit (FIU) of the Central Bank barely months from its inception is receiving information from banks about some transactions which could lead to money laundering.

“We have received many details pertaining to suspicious transactions in connection to money laundering from financial intuitions,” a senior FIU official told The Sunday Times FT.

Encouraged by this response, the FIU is gearing to expand its scope in covering industries with exposure to money laundering. “We are planning to expand our scope of money laundering net to stockbrokers, licensed money dealers, professionals such as lawyers, casinos and many more categories,” the official explained.

He said unlike before, the banks place a huge importance on due diligence with each transaction and they are actively reporting suspicious transactions.

He said that it is particularly important that a company implement any compliance policies with appropriate resources and personnel.

“Policies that are not backed by adequate compliance measures may subject the company to additional penalties,” he said, adding that the particular institution is committed to preventing the misuse of its employees, facilities and investment fund clients by persons who seek to launder money.