FIU sees ‘uptick’ in suspicious transaction reports; signs MoU with Gaming Board

NASSAU, BAHAMAS — The Financial Intelligence Unit (FIU), the government agency charged with receiving and analysing suspicious transaction reports (STRs), says it has seen an increase in filings this year as it moves to strengthen collaboration with regulatory partners. On Tuesday, the FIU signed a Memorandum of Understanding (MoU) with the Gaming Board of The Bahamas, formalising cooperation between the two entities in combating money laundering and other financial crimes. “We’ve seen an uptick in the amount of STRs for this year thus far compared to last year,” FIU Director Emerick Seymour told reporters. “It speaks to the fact that a lot is happening out there. We’re doing our best to analyse information and determine where it needs to go.” Seymour explained that while the FIU does not conduct investigations, it plays a central role in receiving, processing, and disseminating financial intelligence to the appropriate authorities. “The FIU doesn’t audit any organisation. We are an agency responsible for analyzsng and sharing information,” he said. “The police department is our biggest client, but if information relates to gaming, we pass it to the Gaming Board. If it relates to tax matters, it goes to Inland Revenue.” He added: “Wherever money laundering is happening, we do what we can to mitigate it. We pass the information to the relevant agency for investigation,” Seymour added. The MoU with the Gaming Board, he said, is meant to “intensify and solidify” ties between the two bodies. “Together with the Gaming Board and other industry stakeholders, we show solidarity in the overall fight against financial crime — not only in The Bahamas, but in the global arena,” Seymour noted. Terah Rahming, recently appointed Secretary to the Gaming Board, underscored the importance of the agreement as the country prepares for its next Financial Action Task Force (FATF) mutual evaluation in October 2026. “As the recently appointed Secretary to the Board, it’s a pleasure to participate and sign this MoU between the Gaming Board and the FIU,” Rahming said. “The FIU is being instrumental in helping us prepare for the evaluation. We think it’s a great opportunity for the jurisdiction to work closely with all of the regulators, and we look forward to continued cooperation.” The FIU, which falls under the Ministry of Finance, has been collaborating with the Gaming Board for some time. Seymour said the MoU simply formalises and strengthens an existing partnership to ensure more efficient sharing of financial intelligence.

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