Frequently Ask Questions
Financial Intelligence Units (FIUs) are central to combating financial crimes. Herein are the most frequently asked questions and responses thereto;
The Financial Intelligence Unit (FIU) is a statutory body established under section 14 the Money Laundering and Proceeds of Crime Act 2008 (as amended). (MLPCA)
Its mandate is to receive, analyse and disseminate financial intelligence relating to money laundering, terrorist financing, proliferation financing and associated predicate offences. The FIU also supervises compliance with AML/CFT/CPF obligations by designated accountable institutions and promotes national and international cooperation in combating financial crime.
The FIU is responsible for:
- Receiving and analysing Suspicious Transaction Reports (STRs) and other prescribed reports.
- Disseminating financial intelligence to competent authorities.
- Supervising compliance with AML/CFT obligations.
- Issuing guidance, directives and typology reports.
- Conducting outreach and awareness programmes.
- Cooperating with domestic and international counterparts.
No. The FIU is not a law enforcement or prosecutorial agency. It analyses financial information and disseminates financial intelligence to law enforcement agencies for investigation or prosecution where appropriate. Financial Intelligence is disseminated to Lesotho Mounted Police Services (LMPS), RSL (Revenue Services Lesotho), Directorate on Corruption and Economic Offences (DCEO).
The FIU conducts financial intelligence analysis, not criminal investigations. Investigations are undertaken by competent law enforcement agencies.
No. The FIU does not recover private funds, settle commercial disputes or act as a debt recovery agency.
Yes. The FIU is granted powers to perform inspections and other supervisory activities to assess compliance with AML/CFT/CPF obligations.
Yes. The FIU regularly conducts training, awareness campaigns, stakeholder engagement sessions and publishes guidance and typology reports.
Yes. Institutions may contact the FIU for clarification on AML/CFT/CPF obligations or reporting requirements
Yes. The FIU exchanges financial intelligence with foreign Financial Intelligence Units and other competent authorities in accordance with applicable laws and international agreements.
Yes. The FIU participates in regional and international cooperation mechanisms to strengthen the fight against financial crime.