July 2 2017
The Financial Intelligence Unit (FIU) has cottoned on to some major money laundering rackets and has stepped up vigilance on black money circulating in the island, senior officials say. The FIU, an arm of the Central Bank (CB) has been following black money trails for some time now, officials said. This week it ran advertisements targeting Designated Non-Finance Businesses (DNFBs) on their obligation to report any transaction where there’s reasonable ground to suspect that the transaction may be related to anything that steps on Section 33 of the Financial Transactions Reporting Act (FTRA).