The Financial Intelligence Unit (FIU) has been receiving a growing number of suspicious transaction reports from money transfer agencies, according to Director Matthew Langevine, who says criminals are using “the regular man on the street” to launder their dirty money for them.
“We have seen students being used to send monies through these money transfers agencies, housewives, unemployed persons, etc. We want to encourage the public at large to be vigilant against these activities and not to get caught up in these activities,” Langevine was quoted as saying by the Department of Public Information (DPI) on Friday.
The DPI report noted that for 2018 alone, the FIU received 330 suspicious transaction reports, the majority of which came from money transfer agencies. For 2019, there have been 120 suspicious reports made to the unit, with a high per cent also coming from the money transfer entities.
“[It is] a sector which we see a high level of suspicious transaction activities where monies are sent cross borders that raise a number of concerns,” Langevine said. “We want to encourage the public at large, not to get caught up in those kinds of activities however beneficial it may seem to you in the onset because it can have far-reaching implications for persons,” he added.
According to the report, Langevine lauded the support of the more than 330 reporting agencies that continue to provide the much-needed information to the unit.
“We have been getting relatively good support. I think the entities recognise the importance of this and with the kind of engagements we have been having nationally to ensure that the agencies understand their obligation, they appreciate why they need to be reporting the information to us,” he said.
Additionally, the FIU has also been receiving suspicious transaction reports from other institutions, including the Guyana Gold Board (GGB) and gold dealers. Langevine said those sectors continue to actively monitor transactions and provide intelligence to the FIU which, in turn, shares with Special Organised Crime Unit (SOCU).
For 2018 and 2019, the report stated, the FIU sent 29 and 12 intelligence reports, respectively to SOCU, covering several different suspected predicate offences, including corruption and bribery, drug trafficking, fraud and tax evasion.
Through Memoranda of Understanding signed with State Assets Recovery Agency (SARA), the unit has also been able to assist that entity with financial information to assist in investigations it was conducting.
Langevine noted that the FIU’s services are utilised across the intelligence sector and we work closely with several competent authorities, including the Guyana Revenue Authority, the Central Bank and the Gaming Authority.
The FIU has been set up under the Anti Money Laundering and Countering the Financing of Terrorism Act to facilitate the detection, prevention and deterrence of money laundering, and financing of terrorist activity in Guyana. It is responsible for requesting, receiving, analysing and dissemination of suspicious transaction reports and other information relating to money laundering, terrorist financing or the proceeds of crime.
