Wednesday, July 17, 2024

FIA records P2 billion in suspicious transactions

The Financial Intelligence Agency (FIA) has reported a total of P2 billion in suspicious transaction reports (STRs) across various sectors. The financial impact of the reported suspicious transactions is substantial. The banking sector’s STRs alone accounted for a staggering P1.7 billion in transactions. This figure represents a significant leap from the previous year’s P400 million, signifying the effectiveness of the sector’s vigilance and regulatory measures. Furthermore, the report reveals that the second-highest amount reported comes from the Accounts sector, which reported P280 million in transactions. Car dealerships, credit unions, and Bureau de Change contributed several million Pula each.

This data underscores the financial implications of the STRs and their role in monitoring and deterring illicit financial activities. The report highlights a trend in the banking sector’s submission of STRs. Over the span of just one year (2021/2022 to 2022/2023), the number of STRs filed by the banking sector surged from 151 to 393, marking an incredible increase of 160%. This exponential rise is attributed to the heightened economic activity that followed the COVID-19 pandemic, during which the economy experienced stagnation.

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