The independence of the FIU is paramount and must be respected and protected. Neither the Governor nor the Minister must interfere in FIU carrying out its functions. While the current set up is working well, it should really be temporary. I am of the view that government should seriously think of allowing the FIU to be an independent body.
The Federal Reserve's combination of expertise in financial markets, payment systems, and supervision positions us well to protect the interests of consumers in their financial transactions. We look forward to discussing with the Congress ways to further formalize our institution's strong commitment to consumer protection.