Over $8.5B in suspicious transactions re

The 331 suspicious transaction reports received last year by the Financial Intelligence Unit (FIU) related to sums totalling over $8.5 billion, according to Director Matthew Langevine.

This is among the findings included in the unit’s annual report, which was handed over to Finance Minister Winston Jordan on Monday.

The report is expected to be made public on the ministry’s website shortly.

Moments before the handing over, Langevine said that the Suspicious Transactions Reports (STRs) were shared with the unit to see if there was need for any investigation. Some of these suspicious transactions concerned tax evasion, drug trafficking, corruption in public office, suspected terrorist financing and insider trading. From the STRs, he said the majority of 40 intelligence reports and 10 updated reports were shared with the Special Organised Crime Unit (SOCU). Langevine said the reports were also shared with State Assets Recovery Agency (SARA) and the Guyana Revenue Authority (GRA).

Responding to questions, Langevine clarified that the FIU’s role does not require it to follow up with SOCU. He said the unit is required to share intelligence and support with any additional information. “We remain committed to ensuring the FIU is not just sitting there and taking up space but we are trying hard every day to execute our mandate,” he assured.

In April, Langevine had said that up to that point 120 STRs had been made to the unit for 2019, 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 farreaching implications for persons,” he explained then.

Langevine on Monday informed that the FIU during 2018 strived to execute its mandate of working with all local and international stakeholders to protect the integrity of the financial system from money launderers and those trying to use the system to finance terrorism and proliferation.

“The FIU had a very successful year in 2018, with particular progress being made in the area of onboarding of new reporting entities from a wide range of financial and designated non-financial sectors and that will include the gaming sector, among others …as well as the professions,” he said, while adding that the FIU has had engagements with attorneys and accountants in particular in an effort to bring them onboard. These two professions remain non-reporting to the FIU, he informed.

According to Langevine, the unit placed a heavy focus on training and outreaches to ensure that the public and reporting entities are aware of their re A th th fi

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