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F.I.U and Customs Department to agree to information-sharing

By on February 3, 2016
Financial Intelligence Unit, Belize

Financial Intelligence Unit, Belize

Belize City, BELIZE. Wednesday, February 3, 2016. TNC: The Financial Intelligence Unit (FIU) and the Customs and Excise Department have signed a Memorandum of Understanding on international financial transactions.

A short press release announcing the MOU explains that the cooperation agreement between the two agencies is designed to fight money laundering and counteract the financing of terrorism and customs fraud.

According to the official release, the MOU will strengthen the good cooperation that currently exists and facilitate thee reporting of international transportation of currency and monetary instruments, which will benefit Belize in several ways.

The release states: “the MOU will increase the potential sources of information available to the FIU and Customs to properly undertake their analytical and investigative functions.”

It ends by saying that under the MOU entered into today, “the requirements to declare and report any cross border movement of cash and negotiable instruments will be more efficient and less burdensome on people seeking to move such assets into and out of Belize.”

This, according to the official release, is the first of several MOU’s that are being negotiated between Government and the FIU.

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