That there are now more than 120 recognized Financial Intelligence Units (FIUs) throughout the world reflects the fact that the FIU model has been instrumental in cracking a wide array of money laundering, terrorist finance and tax evasion cases, according to Jayesh D'Souza, author of "Terrorist Financing, Money Laundering and Tax Evasion: Examining the Performance of Financial Intelligence Units." But FIUs sometimes fail to set out concrete goals and metrics to measure performance, including tracking the number of money launderers convicted, terrorist attacks thwarted and amount of assets seized, D'Souza said. D'Souza, a native of Ontario, Canada holds a Ph.D...
U.S. money services businesses are focusing their Bank Secrecy Act compliance efforts on ensuring proper program implementations by agents and others, the country's financial intelligence unit said Monday.
Members of an intergovernmental group that shares information on money laundering and fraud are working to improve the financial intelligence units in sub-Saharan Africa, according to the organization's annual report.
Financial intelligence units should better share data on counterfeiting with their counterparts in countries known to export a large number of fake goods, according to an intergovernmental report issued Tuesday.
Although financial intelligence units (FIUs) have become all the rage, James Richards has long advocated their use by banks in anti-money laundering programs. Richards spoke recently about FIUs and how they are changing the way banks approach AML compliance.
The director of the U.S. Financial Crimes Enforcement Network, William J. Fox, told attendees at the Egmont Groups plenary meeting that financial intelligence units must focus on cooperating at a strategic and tactical level to ensure that financial crim