The Financial Intelligence Agency (FIA) has received no fewer than 57 Suspicious Activity Reports (SARs) or disclosures from local financial institutions between mid-November and the end of January.

The startling statistic was revealed by Attorney General and Justice Minister Kim Wilson, who was speaking at the Senate yesterday, claiming that five of the reports were handed to Bermuda Police for investigation, one of which led to an arrest and the seizure of approximately $2 million. Ms Wilson said that the reports highlighted a trend of money laundering using frequent bulk cash deposits in Bermuda dollars into bank accounts followed by the immediate withdrawal of cash equivalents in US dollars was still continuing, with money being sent to the US, Canada, the Caribbean (Jamaica) and Nigeria and conducted in small but regular amounts, indicating that those involved were staying under a presumed threshold to give the appearance that all financial transactions were legal.

She added that money was being sent out in the form of drafts from the banks or transferred to Money Service Bureaus to the aforementioned countries.

"Since our inception, the FIA has received a total of 57 SARs," she said. "Five of the analysed reports have been forwarded on for further investigations.

"In addition, the FIA has received 11 information requests. There have been three overseas agency requests made within the above mentioned time frame, and the FIA has made six requests of foreign FIUs (Financial Intelligence Unit), namely the US, Canada, Hong Kong, Italy, Switzerland and Germany.

"The FIA has also been in contact with a number of other foreign law enforcement and regulatory agencies on an informal basis."

Ms Wilson added that Canada's FIU, FINTRAC, will be holding an analytical training course for FIA staff, personnel from Mexico's FIU and members of Bermuda Police and HM Customs in Bermuda from March 23 to March 27, and was also in talks with the Serious and Organised Crime Agency, the FIU for the UK and the Caribbean Regional Technical Assistance Centre for further training sessions.