The Financial Intelligence Unit (FIU) is positioning itself to tackling serious transnational organized crimes here in St. Vincent and the Grenadines.
On Friday January 22nd, the FIU launched a new division called the Civil Asset Recovery Division, which will aid in the holistic fortification of anti-money laundering and counter financing of the terrorism system providing remedies both civilly and criminally.
Acting Director of the St. Vincent and the Grenadines Financial Intelligence Unit, LaTeisha Sandy said the organization is cognizant that in order to be effective in tackling transnational crimes there must be partnerships such as the one they have with the Bureau of International Narcotics and Law Enforcement Officers.
Sandy said, “In December 2015, SVG successfully obtained its first confiscation under the criminal regime. But we are acutely aware that when competence strengthens in one area, the criminal elements seek to attack perceived weakness in others”.
Meanwhile, Financial Crimes Advisor to the Bureau of International Narcotics and Law Enforcement, Nicola Suter noted that by forming this asset recovery division the first of its type in this region, St. Vincent and the Grenadines has taken another vital step to make sure that it not only have the requisite legislation to recovery proceeds of crime but has the requisite resources to use these powers to its full effect.