Financial Intelligence Quarterly Reports for June 2021
- Details
- Category: Financial Intelligence
During the June 2021 quarter, the department continued to co-ordinate Tonga’s Mutual Evaluation process in preparation for the APG Annual Meeting to be held in July 2021. The department also assisted the Non-Banks Division in the compliance reviews and semi-annual training for the Foreign Exchange Dealers.
Financial Intelligence Quarterly Report for March 2017
- Details
- Category: Financial Intelligence
The Transaction Reporting Authority is Tonga’s Financial Intelligence Unit (FIU) responsible for administering the requirements of the Money Laundering and Proceeds of Crime Act. Amongst other anti-money laundering related functions, the FIU is responsible for receiving, analyzing and dissemination of suspicious reports.
About Transactions Reporting Authority
The National Reserve Bank of Tonga, appointed as the Transaction Reporting Authority (TRA) functions as the Kingdom of Tonga's financial intelligence unit. The TRA is established under the Money Laundering and Proceeds of Crime Act (MLPC).
The functions of the TRA are to receive, analyse and disseminate information relating to money laundering and counter terroist financing. The TRA works in collaboration with partner agencies developing financial intelligence to deter, prevent and combat money laundering and counter terrorist financing. TRA facilitates the detection, prevention and deterrence of money laundering and financing of terrorist activity by engaging in the following activities.
- Implementing prescribed functions under the MLPC
- Receiving, analyzing and assessing suspicious financial information;
- Disclosing financial intelligence to the appropriate law enforcement agencies.
- Ensuring compliance
- Enhancing awareness
- Collaborating on anti-money laundering and terrorist financing initiatives with domestic law enforcement, and with foreign financial intelligence unit counterparts.
MLPC obligations for Financial Institutions & Cash dealers
Financial institutions and cash dealers are required to verify customer identification, establish and maintain customer records, report suspicious transaction reports, establish and maintain internal reporting procedures and comply with all requirements stipulated in the MLPC and the TRA Guidelines.
Reporting to TRA
Reporting
Financial Institutions are required to report suspicious transactions to the Transaction Reporting Authority by filling the Suspicious Transaction Reports form.
Complete the Border Currency Report form if you are carrying cash with a value of more than TOP$10,000 or foreign equivalent. This declaration is required by law under section 19(1) of the Money Laundering and Proceeds of Crime (Amendment) Act 2010.
Complete the Currency Transaction Report form for the reporting of currency transaction which is required by law under Regulation 23(5) of the Money Laundering and Proceeds of Crime Regulation 2010. Penalties exist for failure to report or to supply full and correct information.
Complete the Currency Transaction Report form for the reporting of currency transaction which is required by law under Regulation 23(5) of the Money Laundering and Proceeds of Crime Regulation 2010. Penalties exist for failure to report or to supply full and correct information.
Sanctions List & Terrorist Watch List
