Financial intelligence and the freezing of funds. A standardised scheme

20.07.2021

The Financial Intelligence Unit has prepared a standardised description of the financial intelligence process and the freezing of funds. It is not unusual that after the interim order on the freezing of funds the Financial Intelligence Unit releases the funds and the freezing of funds for certain period of time does not follow. Why is it so?

 

 

Initially, the Financial Intelligence Unit freezes the funds on the grounds of reasonable suspicion, based on reports on suspicious transactions provided by banks and by other subjects of the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing, as well as based on the widest possible analysis of the information available at the time. Following the temporary freezing of funds, a detailed analysis of both the situation and the information (including, for example, of information provided by analogous foreign intelligence units) is being carried out, which may result in issuing a new order on the freezing of funds for a certain period of time, i.e., for 45 days. More detailes - in infographic.

 

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