Online financial reporting system a go for St. Maarten

June 03, 2012 9:21 AM

PHILIPSBURG--St. Maarten has taken one step further in combating crime in financial transactions and securing integrity of the financial world by launching the Financial Intelligence Unit (FIU) Online Reporting System.

The official launch took place at Sonesta Great Bay Beach Resort on Friday 1 June. Minister of Justice Roland Duncan and Dutch funding agency USONA representative Angela Dekker were in attendance. USONA is the financer of the FIU project.
 
This electronic reporting tool serves as a "national centre for the receiving, requesting, analysis and dissemination of suspicious transactions reports and other information regarding potential money-laundering or terrorist-financing," as stated on its Website.
 
Via its official Website it provides unusual transaction forms on which sector representatives can enter information such as transaction type, amount and details. The reporting sectors include Customs, investment administrators, casinos, lottery sales and credit card companies.
 
The official launching came as a result of the Minister signing the Memorandum of Understanding (MOU) in Honduras in May 2011 that paved the way for St. Maarten to become a member of the Caribbean Financial Action Task Force (CFATF), the organisation responsible for FIU. At the launch, Duncan said the ministry was "happy that we're functioning so far."
 
The system was first tested in St. Maarten by the different banks on the island. Now casinos and other sectors will begin utilising this tool as well.

(The Daily Herald)

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