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Suspicion Report Guide

Suspicion Report Guide

GENERAL ASPECTS OF THE SUSPICION REPORT

DEFINITION

(Art. 18 CEMAC Regulation 01/03)

This is information forwarded to NAFI by a person liable, by stating:

-           sums or all other properties that are in his possession if they could be linked to a crime or an offence or fall within the process of money laundering or financing of terrorist activities;

-            any transaction of which the identity of the principal or beneficiary remains doubtful.

FORM

(Art. 19 CEMAC Regulation 01/03)

The suspicious transaction report (STR) may be verbal or written.

Verbal reports may be confirmed by facsimile or any other written means.

PERSONS LIABLE

(Art. 5 CEMAC Regulation 01/03)

This is any natural or legal person who, in the exercise of his profession, carries out, controls or advises on operations involving deposits, exchanges, investments, conversions or any other capital flow.

These are:

-          The Public Treasury;

-          BEAC;

-          Financial institution;

-          Manual money changers;

-          managers, owners and managing directors of casinos and game houses ;

-         notaries and other members of the independent legal profession, when they act as financial intermediaries;

-          Real estate agents;

-          Companies dealing with the transfer and transportation of funds;

-          Travel agencies;

-          Auditors, chattered accountants and external auditors, tax consultants;

-      Dealers in valuable objects (works of art, precious metals and precious stones, cars).

 

GROUNDS FOR THE SUSPICIOUS TRANSACTION REPORT

(Art. 18 CEMAC Regulation 01/03)

The suspicion report is the result of personal analysis by the person liable of the intrinsic characteristics of the transaction, drawn from experience and daily vigilance. This approach cannot be reduced, at the risk of losing any relevance and effectiveness, to the review of pre-established objective criteria, derived from the observation of previous cases. This is the profound doubt of each professional who is the essential element of the reporting system.

SANCTIONS

When, because of either a lack of vigilance or shortcoming in the internal control procedures of an organisation, a person liable failed to report a suspicion, the Authority with disciplinary power shall be empowered to initiate a procedure on the basis of professional or administrative regulations and notify the State Counsel.

CONTENT OF THE SUSPICIOUS TRANSACTION  REPORT

The Suspicious Transaction Report shall contain:

-           the identification details of the reporting entity;

-          the identification details and knowledge of the customer;

-       statement of grounds on which the suspicion is made including the reasoned  description of the suspicious transactions;

-          additional information, if need be, and persons involved.

COMMUNICATION OF INFORMATION BY PERSONS LIABLE

Persons liable must, in no circumstance, bring to the attention of their customers that they were the subject of a report of suspicion or are subjects of investigation by NAFI.

Such a breach shall receive criminal sanctions in the same way as the commission of a money laundering offence (Art. 48 CEMAC Regulation 01/03).

PROTECTION OF THE REPORTING ENTITY

NAFI shall ensure, on a daily basis, strict confidentiality of any information provided by a person liable.

It is within this context that in case of transmission of the file to the State Counsel for suspected money laundering, the suspicious transaction report shall be withdrawn in such manner as to eliminate any trace on the identity of the reporting entity

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