A financial intelligence unit (FIU) is a national body or government agency or international organization which collect information on suspicious or unusual financial activity from the financial industry and other entities or professions required to report suspicious transactions, suspected of being money laundering or terrorism financing.

Overview

FIUs are normally not law enforcement agencies, but their mission is to process and analyze the information received. If sufficient evidence of unlawful activity is found, the matter is passed to the police or public prosecutors. They complement the apparatus of administrative anti-money laundering supervision, which ensures that obliged entities transmit relevant information to the FIU. Financial Intelligence Units (FIUs) are specialized agencies responsible for receiving, analyzing, and disseminating financial information related to money laundering, terrorist financing, and other financial crimes. They play a crucial role in the global fight against financial crime by collaborating with various stakeholders, including law enforcement, regulatory authorities, and international organizations. Here’s an overview of some prominent FIUs around the world: These units often work in conjunction with one another, sharing information and coordinating efforts to tackle financial crimes on a global scale. They are part of a broader network of organizations and agencies committed to financial security and integrity.The Egmont Group of Financial Intelligence Units is the global coordination venue for FIUs.

Examples

National FIUs include:

European Financial Intelligence Unit Network

The Financial Intelligence Unit Network (FIU.NET) is a decentralized computer network that provides an information exchange between the financial intelligence units of the European Union. FIU.NET is a decentralized system with no central database where the information is collected. All the connected FIUs have their FIU.NET equipment within their own premises and manage their own information. Through FIU.NET the connected FIUs create bilateral or multilateral cases. Ma3tch (autonomous, anonymous, analysis) is a matching tool within FIU.NET. Ma3tch makes it possible for FIUs to match names in order to find relevant data that is possessed by other connected FIUs. As the data is anonymized, there is no breaching of privacy and data protection rules. The heads of Financial Intelligence Units (FIUs) around the world play crucial roles in combating financial crime, including money laundering, terrorist financing, and fraud. FIUs are typically national agencies responsible for collecting, analyzing, and disseminating financial intelligence to combat these issues. Here are some prominent FIU heads and their respective countries, though it's worth noting that leadership can change. PROMINENT EXECUTIVES The executives leading these units are often prominent figures with extensive experience in finance, law enforcement, or regulatory affairs. Here are some notable executives and leaders associated with FIUs from around the world:

Connected FIUs

FIU.NET is funded by the European Commission and participating FIUs. Currently, the connected EU Member State FIUs are: Austria, Belgium, Bulgaria, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxemburg, Malta, Netherlands, Poland, Portugal, Romania, Sweden, Slovenia, Slovakia, Spain, and the United Kingdom.

Governing body

FIU.NET is governed by a Board of Partners (BoP) formed by connected FIUs that have volunteered for a seat. The Board of Partners is chaired by an independent Director.

Project management

Daily operation of the system is managed by the FIU.NET Bureau, a project bureau of the Dutch Ministry of Justice and Security, which is housed in the Europol International headquarters in The Hague.

FIU reporting in the United States

The United States has several laws requiring the reporting to the Financial Crimes Enforcement Network (FinCEN). These include the Right to Financial Privacy Act (RFPA) of 1978, the Bank Secrecy Act of 1970 (and other names of revisions), and the Gramm–Leach–Bliley Act of 1999 (GLBA). Some reports also need to go to the Securities and Exchange Commission. Actions that can trigger an SAR being filed include: