Q1. What is the Benin Financial
Intelligence Unit BFIU?
The Benin Financial Intelligence Unit BFIU was established in
accordance with section 4 of the Anti-Money
Laundering Act, 2008 (Act 749) as amended- as a body
corporate with perpetual succession mandated by law
to request, receive, Analyse, interpret and
disseminate financial intelligence in the Western
African Region and Abroad..
Q2. What are the functions of the
The functions of the FIU are provided under section
6 of the Anti-Money Laundering Act, 2008, (Act 749),
as amended :
· Request, receive, analyse, interpret and
disseminate information concerning suspected
proceeds of crime and terrorist property, as
provided for under the Act or any other law.
· Retain information in the manner and for the
period required under the Act.
· Co-orperate with the Benin Revenue Authority to
ensure compliance of the Act by Designated
Non-Financial Businesses and Professions (DNFBPs).
· Inform, advise and co-operate with investigating
authorities, supervisory bodies, the revenue
agencies, the intelligence agencies and foreign
· Monitor and give guidance to accountable
institutions, supervisory bodies and other persons
on the discharge of their duties and in compliance
with the Act.
Q3. What is Money Laundering?
It is the process by which proceeds from criminal
activities are disguised to conceal their illicit
It is a derivative offence which is committed after
a predicate economic or financial crime had been
Q4. What are the stages of money
Q5. What is terrorist financing?
TF can be defined in simple terms as the financial
support, in any form, of terrorism or of those who
encourage, plan or engage in terrorism.