Powers of the Financial Intelligence Unit

(1) Without prejudice to its powers and responsibilities under the Financial Intelligence Unit Act, or any other provision of this Act, the Financial Intelligence Unit– (a) shall receive, analyse and assess reports of suspicious transactions issued by reporting entities pursuant to section 17(4); (b) shall take appropriate action as it may consider necessary or shall forward to the appropriate law enforcement authorities, if having considered a report or other information, the Financial Intelligence Unit has reasonable grounds to suspect that the transaction involves proceeds of crime or terrorist financing; (c) shall send to the appropriate law enforcement authorities, any information derived from the examination or supervision of a reporting entity, if it gives the Financial Intelligence Unit reasonable grounds to suspect that a transaction involves proceeds of crime or (d) may instruct any reporting entity to take such steps as may be appropriate, including the freezing of funds and other financial assets or economic resources of any person or entity, to facilitate any investigation, prosecution or proceeding for a money laundering offence or for terrorist financing, whether in Belize or elsewhere; (dd) shall, in consultation with the Anti-Money Laundering Committee and having regard to objective information available on countries that do not, or do not adequately, apply the FATF Recommendations, determine the countries in which an intermediary, introducer or third party that meets the conditions referred to in section 15(7) can be based; (e) shall compile statistics and records, disseminate information within Belize or elsewhere as provided by law, make recommendations arising out of any information received, issue guidelines to reporting entities and advise the Minister accordingly; (f) may conduct research into trends and developments in the area of money laundering and financing of terrorism and improved ways of detecting, preventing and deterring money (g) may educate the public and create awareness on matters relating to money laundering and (h) shall create training requirements and provide such training for any reporting entity in respect of its AML/CFT obligations; (i) may consult with any relevant person, institution or organization for the purpose of exercising its powers or duties under paragraph (d), (dd), (e), (f), (g) or (h); 38[CAP. 104 Money Laundering and Terrorism (Prevention) (j) is authorized to extend legal assistance to foreign jurisdictions with respect to property tracking, monitoring and forfeiture or freezing (k) shall have the authority to request information from any reporting entities, supervisory authorities, law enforcement agencies and other domestic government agencies, for purposes of this Act without the need for agreements or arrangements as required under sub-section (1)(o); (l) shall periodically provide feedback to reporting entities, supervisory authorities and other relevant agencies; (ll) may carry out such action as it considers necessary, including the conduct of research, consultation with or requesting information from, any person, to assess the risks to Belize related to money laundering, counter terrorism financing and proliferation financing; (m) may disclose any report, any information derived from such report or any other information it receives pursuant to this section to an institution or agency of a foreign state or of an international organization established by the governments of foreign states that has powers and duties similar to those of the Financial Intelligence Unit as set out in this section and sections 13 and 14, or in the Financial Intelligence Unit Act, if on the basis of its analysis and assessment, the Financial Intelligence Unit has reasonable grounds to suspect that a report or information would be relevant to investigating proceeds of crime or investigating or prosecuting an offence; CAP. 138:01 (n) may disclose any report to the supervisory authority for purposes of ensuring compliance with this Act; (o) may enter into any or arrangements with any domestic government institution or agency regarding the exchange (p) shall, in respect of any reporting entity, exercise the powers set out in section 21 and in relation to this, may enter the premises of any reporting entity during ordinary business hours to inspect any record kept by the reporting entity, and ask any question relating to such record, make notes and take copies of whole or any part of the record; or (q) in performing its functions as a supervisory authority, has the information gathering, enforcement and other powers provided for in the Schedule V. (2) Every order made by the Financial Intelligence Unit pursuant to sub-section (1)(d), for the freezing of funds or financial assets of any person shall cease to have effect after seven business days from the making of the Order, unless within such period the Financial Intelligence Unit makes an application to a Judge of the Supreme Court in Chambers for an order for the freezing of such property, and the application shall be heard by the Court as soon as practicable.