Fiji’s Financial Intelligence Unit Reports Significant Increase in Cash Transaction Reports

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The Fiji Financial Intelligence Unit (FIU) has released its annual report for 2018, revealing a significant increase in cash transaction reports. According to the report, there was a total of 968,693 Cash Transaction Reports (CTRs) received, marking an average of around 81,000 per month.

Increase in Cash Transaction Reports

The report highlights that financial institutions are required under section 14 of the Financial Transactions Reporting Act (FTR Act) and section 24 of the FTR Regulations to report suspicious transactions to the FIU. The increase in CTRs represents a significant jump from 623,213 reports received in 2017, marking an increase of 55 percent.

Electronic Fund Transfer Transaction Reports

In addition to cash transaction reports, the report also reveals a significant increase in Electronic Fund Transfer Transaction Reports (EFTRs). A total of 1,357,246 EFTRs were received, marking an average of around 113,000 per month. This represents an increase of 15 percent compared to 2017.

Key Findings

• The FIU made 446 queries for further information from financial institutions in 2018.
  • The majority of these queries (86 percent) were made to commercial banks, with other financial institutions making up the remaining 14 percent.
• The FIU’s Alert and Monitoring System (AMS) and Data Mining System (DMS) continued to play a crucial role in identifying suspicious transactions.

Importance of Financial Intelligence

The report highlights the importance of financial intelligence in combating money laundering and terrorist financing activities. “Financial intelligence enables our law enforcement partners to investigate predicate crimes, money laundering and terrorist financing activities,” said a spokesperson for the FIU.

Availability of the Report

The full report is available on the FIU’s website.