Posted on

FIU seizes over EC$151,170


In just one day, the Financial Intelligence Unit (FIU) netted EC$151,170. 42, following forfeiture orders which were granted on Tuesday, November 1, at the Serious Offences Court.{{more}}

The forfeiture hearings were done before Chief Magistrate Sonya Young, under section 50 of the Proceeds of Crime and Money Laundering Act, CAP 181 of the Revised Laws of 2009.

US$10,000.00 was forfeited from a Vincentian; US$6,802 was forfeited from a Trinidadian, US$7,000 was forfeited from a national of Tortola; another Trinidadian had to forfeit US$4,000; EC$4242.28 was forfeited from another Vincentian; EC$16,800 and EC$27,900 were forfeited from a St Lucian national; BD$32,250 was forfeited from a Barbadian, and another forfeiture granted in the sum of EC$9,350 was taken from another Vincentian.

The Financial Intelligence Unit (FIU) was established in May 2002, pursuant to the provisions of the Financial Intelligence Unit Act 2001. Some of the functions of the FIU include the receipt and analysis of suspicious transaction reports that are required to be made under the Proceeds of Crime and Money Laundering (Prevention) Act, Act No. 39 of 2001.