Responsibilities and Functions of Financial Intelligence Units (FIUs)

A

Financial Intelligence Units (FIUs) are government agencies that collect, analyze, and disseminate information about suspicious or unusual financial activity. They are responsible for ensuring that financial institutions comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

Option A: The timely dissemination of cases to law enforcement agencies This option is correct. FIUs are responsible for timely disseminating cases to law enforcement agencies. FIUs analyze financial transactions to detect money laundering, terrorist financing, or other criminal activity. When they identify suspicious transactions, they disseminate information to law enforcement agencies to investigate and prosecute the individuals or organizations involved in these activities.

Option B: Responding to requests from law enforcement agencies for information contained in regulatory reports This option is not the primary responsibility of FIUs. Although FIUs may respond to requests for information from law enforcement agencies, their primary role is to receive and analyze suspicious transaction reports (STRs) and disseminate the resulting intelligence to relevant authorities.

Option C: Sharing evidence with other FIUs This option is one of the responsibilities of FIUs. FIUs collaborate with other FIUs to share information about potential money laundering, terrorist financing, or other criminal activities. This helps to prevent cross-border financial crimes and disrupt criminal networks.

Option D: Receiving confirmed reports about committed crimes from accountable and reporting institutions This option is not the primary responsibility of FIUs. Although FIUs may receive confirmed reports about committed crimes from accountable and reporting institutions, their primary role is to receive and analyze suspicious transaction reports (STRs) and disseminate the resulting intelligence to relevant authorities.

In summary, the primary responsibility of FIUs is the timely dissemination of cases to law enforcement agencies. They also collaborate with other FIUs to share information and may respond to requests from law enforcement agencies for information contained in regulatory reports.