ESTABLISHMENT OF A FINANCIAL INTELLIGENCE AGENCY & REFORM MEASURES FOR THE SOCIAL SECURITY FUND AGREED BY CABINET

Cabinet has agreed to the establishment of a Financial Reporting Authority and to reform measures to improve the financial stability of the Social Security Fund.

These decisions were taken on Thursday November 4, 2021 during the last meeting of Cabinet.

Establishment of Financial Reporting Authority

In a further step to meet one of its international obligations to put systems in place to help to combat money laundering and terrorist financing, Cabinet approved the drafting of legislation to establish a statutory body to be known as the Financial Intelligence Agency.

Once established, one of the roles of the Agency will be receiving, requesting, analyzing and disseminating information from financial institutions and designated

non-financial businesses and professions, concerning matters of money laundering and terrorist financing.

Reform Measures to Improve the Financial Stability of the Social Security Fund

Cabinet discussed and approved a number of reform measures aimed at improving the financial stability of the Social Security Fund over the short to medium term.

Further details on these decisions will be publicized by the appropriate agencies at a later date.