FINANCIAL INTELLIGENCE UNIT
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he Financial Action Task Force (FATF) is an inter-governmental body established in 1989. Its mandate is to set standards and to promote effective implementation of legal, regulatory and operational measures for combating money laundering and the financing of terrorism and proliferation of weapons of mass destruction and other related threats to the
integrity of the financial system. The FATF has set out recommendations in order to combat money laundering and the financing of terrorism and proliferation of weapons of mass destruction. These recommendations have been adopted by over 180 countries and are universally recognized as the international standard for anti-money laundering and countering the financing of terrorism. The Dutch Kingdom is takes part in the FATF. Sint Maarten in his turn, as part of the Dutch Kingdom, participates as well in the FATF. According to FATF Recommendation 29, countries who participate in the FATF should establish a Financial Intelligence Unit (FIU). There are three types of FIUs:
1. Administrative FIU: autonomous operating entity that receives, analyses and disseminates unusual or suspicious transactions.
2. Hybrid FIU: entity that receives, analyses and disseminates suspicious transactions, but the law enforcement has direct access to that registry.
3. Police FIU: law enforcement agency that manages the suspicious transactions registry. 70
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The Golden Book of Sint Maarten 11
