In its 21 June edition, The Standard reported that the body was formerly known as the financial investigations division, founded in 1989 under the police’s narcotics bureau; but it has been detached and made into a new bureau from 1 June as new technologies and cryptocurrencies make the investigation of money laundering more difficult. It has 3 divisions, and 59 new positions will be added, including 58 disciplinary and 1 clerical, taking the total to 224 –
- The financial investigation division is responsible for investigating, confiscating and restraining proceeds of money laundering;
- The joint FIU is in charge of collecting and analysing reports on suspicious transactions alongside customs, as well as deploying intelligence-led operations against money laundering; and
- The headquarters will have an overview of money laundering, conducting risk assessments on the activities and overseeing legislation.
Any modest contributions for my time and ongoing expenses are welcomed! I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y