Maroc - NEWSDAY.CO.TT - A la Une - 07/Feb 04:14

FIU Report: $8.9 billion in suspicious transactions

THE Financial Intelligence Unit (FIU) has noted a huge jump in reports of suspicious financial transactions from under $2 billion worth in 2022, to almost $6 billion worth in 2023, to nearly $9 billion worth reported in 2024. Suspicious transactions are filed to the FIU by entities such as banks, real estate agents, and finance companies. The 2024 report noted a continuing trend of an overwhelming majority of suspicious transactions being detected before being completed. The FIU 2024 Annual Report, laid in the House of Representatives on February 5, reported $8.96 billion worth of suspicious transactions. "Completed transactions amounted to $1,672,493,360, whilst attempted amounted to $7,290,052,950," the report said. The report said the attempted transactions exceeded the completed transactions by $5.6 billion. It said 81 per cent of efforts were blocked. The report said 1,459 suspicious transactions were reported to the FIU in sum, for the period 2023-2025. The FIU Report 2023 noted a total of 1,010 suspicious transactions worth $5.95 billion. Of these 784 transactions worth $1.39 billion were completed. However, some 226 transactions worth $4.56 billion were merely attempted but failed. The FIU Report for 2022 said in the previous year period some 958 suspicious transactions worth $1.937 billion were reported. Of these, 844 transactions worth $1.586 billion were completed. Some 195 transactions worth 0.350 billion or $350 million were merely attempted but failed. Hailing an enhanced due diligence by reporting entities, in the 2024 report the FIU said, "Noteworthy, the number of attempted transactions, which were declined by reporting entities, continued to increase during this reporting period." FIU director Nigel Stoddard in his report expressed a sense of accomplishment in the FIU's compliance with the international standards sets by the Financial Action Task Force (FATF) in its efforts against money laundering, the financing of terrorism and proliferation financing. The report said in this reporting period, suspicious transactions reports from banks were up by 101 per cent, mortgage companies 1,000 per cent and motor vehicles sales 120 per cent. The report noted an overall increase in reports made by banks to the FIU namely 726 in 2022, 570 in 2023 and 1,145 in 2024. A big jump was noted in reports made by mortgage companies namely seven in 2022, four in 2023 and 44 in 2024. Reports by money transfer services were 102 in 2022, 217 in 2023 and 147 in 2024. The post FIU Report: $8.9 billion in suspicious transactions appeared first on Trinidad and Tobago Newsday.