High Risk & Non Co-operative Jurisdiction
:The BFIU jurisdictions with weak
measures to combat money laundering and terrorist
financing (AML/CFT) in two FIU public documents that are
issued three times a year. The FIU process to publicly
list countries with weak AML/CFT regimes has proved
effective. As of February 2016, the BFIU has reviewed
over 80 countries and publicly identified 59 of them. Of
these 59, 46 have since made the necessary reforms to
address their AML/CFT weaknesses and have been removed
from the process (see also, an overview of the
jurisdictions currently identified in this process.
To achieve global implementation of the FIU
Recommendations, the BFIU relies on a strong global
network of FIU-Style Regional Bodies (FSRBs), in
addition to its own 37 members. The nine FSRBs have an
essential role in promoting the effective implementation
of the FIU Recommendations by their membership and in
providing expertise and input in FIU policy-making. Over
190 jurisdictions around the world have committed to the
FIU Recommendations through the global network of FSRBs
and FIU memberships.
Our Mandate
The BFIU mandate is to:
Receive and collect reports on suspicious and
prescribed financial transactions and other
information relevant to money laundering and
terrorist financing activities;
Receive reports on the cross-border movement of
large amounts of currency or monetary instruments;
Analyze and assess the information it receives;
Provide international law enforcement authorities
with the financial intelligence that would be
relevant to the investigation and prosecution of
money laundering offences and terrorist financing
offences;
Ensure that personal information under its control
is protected from unauthorized disclosure;
Ensure compliance by financial intermediaries and
other entities with their obligations under the BFIU
Act and the Money Laundering and Terrorism
(Prevention) Act and Regulations;
Enhance public awareness and understanding of
matters related to money laundering and terrorist
financing
.. .