COVID-19 communique July 2020

The Financial Intelligence Unit (“FIU’’) has resume it’s normal operations since 4th May 2020.

Despite the lifting of certain restrictions, the FIU acknowledges that the new normal will come with some challenges and shall therefore continue to work closely with all reporting entities to manage and mitigate Money Laundering (“ML”) and Terrorist Financing (“TF”) risks and to maintain compliance with Anti- Money Laundering/ Countering the Financing of Terrorism (“AML/ CFT”) obligations during this highly unsettling period. Moreover, whilst the FIU expects reporting entities to take reasonable measures to meet the AML/ CFT obligations, the FIU appreciates the challenges that may be faced by reporting entities in meeting these obligations. In such cases, we are kindly requesting all reporting entities to document any such instances and to prioritize Suspicious Transaction Reporting in the interim.

We would also like to reiterate to all stakeholders to be alert about any possible malicious or fraudulent transactions similar to those that occur in the wake of natural disasters.  The FIU calls for everyone to remain vigilant and report same as appropriate.

Contact details are as follows:

Primary contact: + (248) 4383400

Email: [email protected]

Marty Fanny
Author: Marty Fanny