Overview of a Financial Intelligence

Unit
Katia Sanches
International Technical Advisor
AUSTRAC

Definition of a FIU (EGMONT 2009)

An FIU, quite simply, is a central office
that obtains financial report information,
processes it in some way and then
discloses it to an appropriate government
authority in support of a national antimoney laundering or counter terrorism
financing effort
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Financial Intelligence Unit Overview

Designated
Agencies

FIU Frameworks
The different FIU frameworks:
1. Administrative
2. Law enforcement
3. Judicial/prosecutorial
4. Hybrid

International Influences
Financial Action Task Force (FATF)
40 Recommendations & 9 Special Recommendations

Egmont Group of Financial Intelligence Units

Created to stimulate international cooperation

Asia/Pacific Group on Money Laundering (APG)

United Nations
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FATF Perspective
Recommendation 26:
Countries should establish a FIU that serves as a
national centre for the receiving, analysis and
dissemination of STR and other information regarding
money laundering and terrorist financing.
The FIU should have access to financial, administrative
and law enforcement information that it requires to
properly undertake its functions.

AUSTRAC - Australias Experience

FIU considerations:

Governance
Reporting
Compliance
Analysis
Stakeholders domestic and international
Information technology
Strategic planning for FIU priorities
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AUSTRACs FIU role

Australia's Financial Intelligence Unit (FIU)
Support Partner Agencies
Develop and disseminate intelligence to
partner agencies

Useful Websites
FATF
www.fatf-gafi.org

APG
www.apgml.org

Egmont
http://www.egmontgroup.org/

AUSTRAC
www.austrac.gov.au
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AUSTRAC website
http://www.austrac.gov.au

AUSTRAC Help Desk

help_desk@austrac.gov.au
1300 021 037

DISCLAIMER:
The information contained in this document is intended only to provide a summary and general overview on these matters.
It is not intended to be comprehensive. It does not constitute nor should it be treated as legal advice or opinion. This presentation
contains statements of policy which reflect AUSTRACs administration of the legislation in carrying out its statutory functions.
The Commonwealth accepts no liability for any loss suffered as a result of reliance on this publication, including any errors or
omissions therein. AUSTRAC recommends that independent professional advice be sought. The information contained herein
is current as at the date of this document.