WHO WE ARE

  •  Who we are The Financial Intelligence Unit FIU is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the FIU are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The FIU is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. The FIU has developed a series of Recommendations that are recognised as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction. They form the basis for a co-ordinated response to these threats to the integrity of the financial system and help ensure a level playing field. First issued in 1990, the FIU Recommendations were revised in 1996, 2001, 2003 and most recently in 2012 to ensure that they remain up to date and relevant, and they are intended to be of universal application. The FIU monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally. In collaboration with other international stakeholders, the FIU works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse. The FIU's decision making body, the FIU Plenary, meets three times per year.

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Mission

The mission of the FIU Benin is to protect the integrity of the Benin financial system against risks posed by money laundering, financing of terrorism and other financial crimes.

Functions

  • Reacting timorously, effectively and efficiently to challenges posed by national and international money launderers, other perpetrators of financial crimes and terrorist financiers.

  • Ensuring Benin has an effective and robust Anti-Money Laundering and Combating of the Financing of Terrorism Policy and Legislative framework in place that meets international standards. 

  • Ensuring Accountable Institutions representative of financial institutions, non-banking financial institutions and designated non-financial businesses and professions fulfill obligations in respect of due diligence checks, customer identification, record-keeping and reporting obligations.

  • Receiving, requesting and analyzing suspicious transaction and suspicious activity reports and dissemination of intelligence to Law Enforcement Agencies and foreign counterpart agencies pertaining possible money laundering, financing of terrorism and other financial crimes.

  • Monitor, Supervise and Enforce compliance with national Anti-Money Laundering and Combating the Financing of Terrorism laws by Accountable Institutions representative of financial institutions, non-banking financial institutions and designated non-financial businesses and professions.

General

The FIU strives to develop a strong legal basis to combat money laundering, financing of terrorism activities and other financial crimes within the borders of Benin, to protect the integrity and stability of the financial system, by monitoring and supervising the anti-money laundering and anti-financing of terrorism controls and systems implemented by businesses that are vulnerable to money laundering or terrorist financing and by producing intelligence products that incorporates the analysis of relevant classified information.