Monday, October 21, 2013
THE FINANCIAL INTELLIGENCE UNIT'S APPEARANCE BEFORE THE PUBLIC ACCOUNTS COMMITTEE OF PARLIAMENT ON THE FRAUD SCAM AT THE CAPITAL HILL
The Financial Intelligence Unit (FIU) appeared before the Public Accounts Committee of Parliament on Wednesday,
16th October 2013, where the Committee wanted to know what the institution was doing in relation to the reported fraud scam at the Capital Hill.
Following this, the FIU wishes to share with the nation what it has done so far.
Between 2009 and now, the FIU has analysed more than 400 reports, 300 of which have been disseminated to law enforcement agencies. Out of the said disseminations, 112 border on fraud in the Public Service involving around 50 companies. The 112 disseminated reports indicate that an amount around K20 billion is involved, but this can only be confirmed after analysis and investigations havebeen finalised.
With regard to the recent alleged fraud scam that has taken place at the Capital Hill, there is still insufficient information for an exact amount of money involved or otherwise to be established since investigations are still going on. Such a figure will be made available to the public by the appropriate authorities at the right time.
The FIU, will continue to carry out its mandate as an autonomous central national agency with the power to receive disclosures of suspicious financial information from financial institution, analyze and disseminate the information as intelligence reports to Law Enforcement Agencies and Supervisors of financial institutions, while maintaining confidentiality as required by Section 17 (3).
The FIU may provide further updates of this nature from time to time whenever necessary.