Fiji Financial Intelligence Unit Reports Record-High Cash Transaction Reports in 2018
Suva, Fiji - A Significant Increase in Cash Transaction Reports
The Fiji Financial Intelligence Unit (FIU) has released its annual report for 2018, revealing a remarkable increase in cash transaction reports received by the agency.
Record-High Cash Transaction Reports
According to the report, the FIU received a record-high 968,693 Cash Transaction Reports (CTRs) in 2018, representing an increase of 55% compared to the previous year. This surge is largely attributed to the reporting of all transactions of $10,000 and above by a particular financial institution.
Importance of Cash Transaction Reports
The FIU receives CTRs from financial institutions, which are required under section 14 of the Financial Transactions Reporting Act (FTR Act) and section 24 of the FTR Regulations to report suspicious transactions. A suspicious transaction is defined as one that may be related to a “serious offence”, including money laundering or terrorist financing.
Electronic Funds Transfer Reports
In addition to CTRs, the FIU also received 446,011 Electronic Funds Transfer Reports (EFTRs) in 2018, an increase of 15% compared to the previous year. These reports are used to monitor and analyze financial transactions for potential suspicious activity.
Analysis and Investigation
The FIU uses its Alert and Monitoring System (AMS) and Data Mining System (DMS) to analyze financial transaction data and identify patterns of suspicious activity. The agency also makes enquiries with financial institutions to develop further intelligence on information already provided.
Director’s Comment
“The increase in CTRs is a positive trend, as it indicates that our financial institutions are taking their obligations seriously and reporting suspicious transactions to the FIU,” said [Name], Director of the FIU. “Our goal is to use this intelligence to prevent and detect money laundering and other serious offences.”
Dissemination of Financial Intelligence
The FIU’s annual report also highlights its efforts to disseminate financial intelligence to law enforcement agencies, enabling them to investigate predicate crimes, money laundering, and terrorist financing activities.
Conclusion
In conclusion, the FIU’s 2018 annual report demonstrates the agency’s commitment to monitoring and analyzing financial transactions to prevent and detect serious offences. The increase in CTRs is a positive trend, and the FIU will continue to work closely with financial institutions and law enforcement agencies to combat money laundering and other forms of financial crime.
Key Statistics
- 968,693 Cash Transaction Reports (CTRs) received in 2018
- 55% increase in CTRs compared to the previous year
- 446,011 Electronic Funds Transfer Reports (EFTRs) received in 2018
- 15% increase in EFTRs compared to the previous year