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What else does the FIA do?

Outreach and Awareness to reporting entities Active participation in regional and International bodies regarding AML/CFT.

What laws are relevant to the FIA?

Proceeds of Crime Ordinance 2007 Financial Intelligence Agency Ordinance 2014 Proceeds of Crime (Amendment) Ordinance 2014 Prevention of Terrorism Ordinance 2014 There are also Codes, Regulations and Guidelines namely the: Anti-Money laundering and Prevention of Terrorist Financing Regulations 2010 Anti-Money laundering and Prevention of Terrorist Financing Code 2011, Non-Profit Organisations Regulations 2013.

Why is it necessary to have a FIU?

To comply with international standards, particularly the Financial Action Task Force – FATF 40 recommendations. The FATF Recommendations set out a comprehensive and consistent framework of measures which countries should implement to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. Countries have diverse legal, administrative …

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What Type of FIU is FIA-TCI?

Formerly Administrative/Law enforcement hybrid meaning that the unit received, analysed and disseminated SAR/STRs in addition to the carrying out of criminal investigations arising from Money Laundering/ Terrorist Financing activities. Since the passage of the FIA Ordinance in June 2014 and its assent on 17th October 2014 the FIU, now called the Financial Intelligence Agency of …

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What is the FIA’s purpose?

It is the national agency responsible for the receipt, analysis and dissemination of intelligence relating to Anti Money Laundering and Combating the Financing of Terrorism AML/CFT. TCI signatory to international conventions to prevent money laundering and terrorist financing. Protection of the Financial Systems – There are international sanctions and penalties for countries which do not …

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