What is the FIU ?

What is the FIU ?

The Financial Information Unit (FIU) in the Central Bank of Yemen was established according to the decree of Central Banks Governor No.(48) for the year 2003 based on the law No.(35) for the year 2003 and after the issuance of the Law No. (1) for the year 2010 named The Money Laundering Combating and Terrorist Financing Law (AML/CFT), the FIU was re-established by the Prime Minister decree No. (350) for the year 2010.

 

The FIU is an  independent unit which has the capacity of law enforcement officers. The FIU is responsible for receiving and analyzing the Suspicious Transaction Reports (STRs) sent by the financial, non-financial institutions and the control and supervisory agencies and then submit these STRs to the concerned authorities to take action, if necessary.

 

The FIU has the right to request any additional information considered useful for its functions, if this information is related to any previous data received during its course of action, or upon a request received from counterpart units in other countries, in which the compliance units are obligated to notify and provide the FIU with the inquired information related to the STRs, which shall be in a form issued by the FIU within a period of one week, unless the FIU decides on a different deadline, if necessary, according to the rules drawn by the executive regulations.

 

The FIU can submit the STRs to the Public Prosecution, with related evidences.

 

Strategic  Targets:                                     

·        Protecting the financial sector by facilitating the detection for AML/CFT.

·        Activating the national legislations related to AML/CFT.

·        Strengthening the mechanism for information exchange between the FIU and the concerned authorities and maintaining the confidentiality of such information.

·        Developing and documenting executive procedures required to coordinate with the entities subject to the provisions of financial and non-financial law.

·        Building institutional and administrative capacity of the FIU and the concerned authorities to activate the role of training in the field of AML/CFT and to cooperate with the represented agencies .

·        Making sure that all the regulatory authorities update and issue the controls of AML/CFT.

·        Developing the FIUs work to cope with the  international developments.

 

Vision      

An efficient and effective FIU in AML/CFT both locally and internationally.

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