Financial Crime World

Title: $220 Million in Financial Crimes Uncovered in Fiji: A Collaborative Effort between Fiji Intelligence Unit and Fiji Revenue and Customs Service

Over $220 Million in Financial Crimes Detected

According to Fiji Intelligence Unit (FIU)’s reports, an estimated $220 million worth of financial crimes were detected in the past year. The FIU’s intelligence was primarily utilized by the Fiji Revenue and Customs Service (FRCS).

FRCS Benefits from FIU Intelligence

The FRCS received over 70% of FIU’s reports. These reports substantially aided the FRCS in its investigations, leading to the identification of an additional 1,279 individuals and businesses involved in tax and customs violation cases during 2017.

Strengthening the Collaborative Effort

Unit Director of FIU, Razim Buksh, and CEO of FRCS, Visvanath Das, recently convened to discuss methods to reinforce tax and customs compliance, as well as fraud investigations. The need for increased collaboration and networking between the two organizations became a primary focus.

Profiling Suspected Tax Evaders

The discussions revolved around:

  • Profiling suspected tax evaders
  • Examining trade-based money laundering and related financial crimes

Both parties acknowledged the necessity of combined efforts in addressing these issues.

Significant Impact of FIU’s Referral Reports

CEO Visvanath Das expressed his gratitude towards the FIU’s referral reports. These reports played a crucial role in:

  1. Uncovering fraudulent acts
  2. Identifying businesses not complying with their tax obligations.

The total tax and penalties assessed as a result of these referrals added up to $6.6 million in 2017. Notably, 21% of this total was attributed to businesses dealing in the wholesale and retail of Motor Vehicles.

Commitment to Tax Compliance

The presence of two full-time FRCS officers at the FIU signifies the authorities’ determination to take firm action against evaders. Despite a general improvement in Fiji’s tax compliance culture, the authorities’ stance on addressing dishonest individuals and businesses remains unwavering.