Other Recommended Actions
|Strengthening FIU staff capabilities||The FIU should not be responsible for supervising AML regulatory compliance by financial, insurance and stock market institutions and, instead, it should concentrate on its core function of receiving, analyzing and disseminating suspicious transactions’ information. It is recommended that the Superintendencies be made responsible for the supervisory task|
If it is decided that the FIU should continue to be responsible for supervision of the regulated institutionsit will be necessary to provide it with clear legal powers for it, to increase its technical and human resources, and to obtain specific training for them. In any case, regardless of the overall increase in the number of analysts on the FIU staff, it would appear that a legal specialist should be hired.
|Safeguarding the FIU budget||Adopt the mechanisms required to ensure that the FIU has the budget it needs for its operations, taking into account the budget capacity of the Unit’s various sources of financing, and avoid jeopardizing its existence for lack of resources, as was the case initially.|
|Strengthening the training program||Draw up and implement a continuous training plan, not just for the supervisory agencies, but also for all the regulated institutions. The Superintendency staff who will begin to support the task of on-site inspection of anti-money laundering controls must also be trained. Regulated institutions should be obliged to train their own staff without the need for the FIU to provide such training.|