Financial Intelligence Unit (FIU)

A Financial Intelligence Unit (FIU) is a specialized national agency that plays a pivotal role in the global fight against financial crime. Its function is to receive, analyze, and disseminate financial information concerning suspicious activities, which might indicate money laundering, terrorist financing, or other illegal financial transactions. FIUs gather reports from various financial institutions, analyze patterns within these transactions, and pass on findings to relevant authorities like law enforcement and regulatory bodies.

The work of an FIU is crucial for identifying potential threats to the financial system by detecting irregularities in financial flows. This includes activities such as suspicious wire transfers, unusual large cash deposits, or transactions involving high-risk countries. Beyond just identifying such patterns, FIUs are also central to facilitating cooperation among international agencies, sharing vital information that helps in the fight against cross-border financial crime.

1. Kingdom of Saudi Arabia (KSA)

The Saudi Financial Intelligence Unit (SAFIU), operating under the Saudi Central Bank (previously known as SAMA), is responsible for collecting, analyzing, and disseminating financial information to combat money laundering and terrorist financing within the Kingdom.

2. United Arab Emirates (UAE)

The Financial Intelligence Unit of the UAE (FIU-UAE), part of the Central Bank of the UAE, analyzes suspicious financial transactions and collaborates with international agencies to enhance the UAE’s efforts to counteract financial crime and protect the financial system.

3. Oman

Oman’s Financial Intelligence Unit (FIU-Oman), under the Central Bank of Oman, plays a key role in receiving reports of suspicious financial activity, analyzing data, and providing valuable intelligence to relevant authorities for investigating and prosecuting financial crimes.

4. Qatar

The Qatar Financial Intelligence Unit (QFIU), established within the Qatar Central Bank, is dedicated to investigating suspicious transactions, analyzing financial data, and coordinating with international bodies to prevent money laundering and terrorist financing in Qatar.

5. Iraq

The Iraqi Financial Intelligence Unit (IFIU), which operates under the Central Bank of Iraq, works to identify and investigate suspicious financial activities while supporting local and global efforts to combat illicit financial flows.

6. Kuwait

The Kuwait Financial Intelligence Unit (KFIU), within the Central Bank of Kuwait, plays a pivotal role in analyzing financial data related to money laundering and terrorist financing and helps ensure compliance with international standards.

7. Bahrain

The Bahrain Financial Intelligence Unit (BFIU), which operates under the Central Bank of Bahrain, is responsible for gathering and analyzing financial data to detect and prevent money laundering and terrorist financing, as well as ensuring Bahrain’s financial system complies with global standards.