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CICAD: Anti-money Laundering

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CICAD: Anti-money Laundering

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CICAD: Anti-money Laundering

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CICAD: Anti-money Laundering

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CICAD: Anti-money Laundering

Financial Intelligence Units / FIUs

 

Financial Intelligence Units

In 1999, the Inter-American Development Bank (IDB) and CICAD began collaborating on a program to create and strengthen financial intelligence units (FIUs) as specialized investigation agencies that focus on banking and money laundering operations in Latin America. In the end, CICAD assisted in setting up FIUs in 14 countries, providing specialized training to their staff and computer equipment, and advising on the legal framework for FIU operations. FIUs play a key role in investigating criminal enterprises and the financing of terrorism, monitoring suspicious operations in national banking systems, and tracing the full extent of money laundering.

Currently, the CICAD program focuses on technical assistance to Ecuador, El Salvador, Uruguay and Peru. It addresses four areas:

  • the prevailing legal framework and any need for updating;
  • institutional support;
  • specialized training for public and private officials involved in banking compliance regulations, and
  • technological assistance (hardware and software, including the development of analytical applications for detecting suspicious operations), according to a plan established with each beneficiary country.

CICAD supported the establishment of FIUs in Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, El Salvador, Nicaragua, Panama, Peru, Uruguay and Venezuela.


updated on 1/30/2013 4:54:33 PM