15th March 2023
The FIAU’s analytical function is key in safeguarding the Jurisdiction’s good standing and the integrity of its financial system from the negative and detrimental effect of financial crime. One invaluable tool utilised by the Intelligence Analysis Section in the carrying out of its duties is its power to request information from subject persons. The requests are aimed at locating business relationships or transactions carried out by specific subjects and to request all information relevant to the analysis being undertaken.
The effectiveness of such a tool is dependent on the subject person’s responsiveness to such requests. Therefore, it is paramount for all subject persons to ensure that no circumstance should prevent for a reply to be received by the FIAU within the timeframes stipulated. Failure to reply within the timeframes stipulated has a detrimental impact on the FIAU’s analytical function and is also a breach of the subject person’s legal obligations in terms of Regulation 15(8) of the PMLFTR.