Financial Crime World

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

Suva, Fiji - The Financial Intelligence Unit (FIU) has released its annual report for 2018, revealing a significant increase in cash transaction reports.

Cash Transaction Reports: A Significant Increase

According to the report, the FIU received 968,693 Cash Transaction Reports (CTRs) in 2018, representing an average of around 81,000 per month. This is an increase of 55 percent compared to the 623,213 CTRs reported in 2017.

  • The increase is largely attributed to a particular financial institution reporting all transactions of $10,000 and above.
  • Financial institutions are required by law to report suspicious transactions to the FIU.

Electronic Fund Transfer Transaction Reports: A Significant Increase

The FIU also received 1,357,246 Electronic Fund Transfer Transaction Reports (EFTRs) in 2018, representing an average of around 113,000 per month. This is a significant increase from the 841,119 EFTRs reported in 2017.

Other Financial Intelligence Systems

In addition to cash and electronic fund transfer transactions, the FIU also received reports on suspicious financial activities through its:

  • Alert and Monitoring System (AMS): plays a crucial role in identifying suspicious transactions and providing critical intelligence to law enforcement partners.
  • Data Mining System (DMS): provides insights into financial data to help identify patterns and trends.

Dissemination of Financial Intelligence

The FIU’s 2018 report also highlighted its efforts in disseminating financial intelligence to law enforcement agencies. The unit provides:

  • Profiling of suspected proceeds of crime, predicate crimes, money laundering, and terrorist financing activities
  • Critical intelligence to help law enforcement agencies investigate these crimes

Commitment to Combating Financial Crime

“We are committed to working closely with our law enforcement partners to disrupt and dismantle criminal networks,” said [Name], Director of the FIU.

The FIU’s annual report also highlighted its ongoing efforts to develop a Strategic Case Management System (SCMS) to streamline the analysis and investigation of financial intelligence.

Conclusion

In conclusion, the FIU’s 2018 report highlights the unit’s continued efforts to combat financial crime and provide critical intelligence to law enforcement agencies. The unit remains committed to working closely with its partners to disrupt and dismantle criminal networks and protect Fiji’s financial system.