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Parliamentary Committee to appoint new Financial Intelligence Unit boss

Mar 14, 2016 News

The Parliamentary Standing Committee on Appointments, chaired by Minister of Health, Dr, George Norton is preparing to appoint key members of the Financial Intelligence Unit (FIU).
This is being done in accordance with the Anti- Money Laundering and Countering the Financing of Terrorism (AML/CFT) Amendment Act 2015.
The committee has invited applicants to fill the several positions in the FIU including Director and Deputy Director.
The employment contract of former head of FIU, Paul Geer had expired thereby occasioning a temporary vacancy in that position.
However, the requirements that made Geer suitable for the job have since been reassessed and new provisions have been made in the AML/CFT Bill.
Candidates should process at least 10 years experience in law, finance, economics or accounting at the highest managerial level and formal training in and sound knowledge of statistics, financial investigations or banking. This is in accordance with section 5 of the AML/CFT Bill.
They must also have technical understanding of the Financial Action Task Force (FATF) recommendations as well as its methodology for accessing technical compliance with FATF recommendations and the effectiveness of AML/CFT.
Applicants will be subjected to due diligence background checks by the Committee of Appointments.
FIU will undergo some major changes in accordance with the AML/CFT Bill.
That piece of legislation sets out an entire different structure for the FIU especially since it provides for the establishment of an Anti-Money Laundering and Countering the Financing of Terrorism Authority (AML/CFTA).
In accordance with the Act, the Authority and the FIU will have to liaise to attain “maximum coordination” to achieve the objectives of the Act.
The Bill mandates the Authority to give the FIU advice of a general nature as to the policy to be followed by the unit in the exercise and performance of its functions.
This new system will represent major changes for the FIU which did not do much over its years of existence and had no real powers of scrutiny.  The unit never recommended the prosecution of anyone.
In 2013, Economist, Professor Clive Thomas described the FIU as a “toothless poodle.” And in that very year, former United States Ambassador, Brent Hardt said that while the establishment of an FIU is good, more needs to be added to fight money laundering and the financing of terrorism.

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