Financial Crime Risk Management in Fiji: A Struggle Against Money Laundering and Terrorism Financing

Fiji has been actively working to combat the threats of money laundering, terrorist financing, and proliferation financing in its financial system. As part of this effort, the country is required to conduct a national risk assessment to understand and mitigate potential risks.

National Risk Assessment: A Key Step Towards Financial Crime Prevention

In 2015, Fiji conducted a national risk assessment to identify the potential threats it faced in terms of money laundering, terrorist financing, and proliferation financing. However, the country has continued to review its assessment to ensure that it remains effective in addressing emerging threats.

Recent Developments: A Review of the National Risk Assessment

In 2019-2021, the Council conducted a review of the national risk assessment, which provided an updated understanding of the money laundering threats in Fiji. The review highlighted key areas of concern and identified steps that can be taken to mitigate these risks.

Key Findings:

• Money Laundering Risks: The review highlighted the need for continued vigilance and cooperation among financial institutions, regulatory bodies, and law enforcement agencies to prevent and combat financial crime in Fiji.
• Banking Sector Assessment: A sectoral assessment of the money laundering and terrorist financing risk in the banking sector was conducted by the Financial Intelligence Unit (FIU) of Fiji in 2021-2022.

The Importance of Continuous Vigilance

The FIU’s report emphasizes the need for continued vigilance and cooperation among financial institutions, regulatory bodies, and law enforcement agencies to prevent and combat financial crime in Fiji. The findings of the assessment are expected to inform policy decisions and guide efforts to strengthen the country’s anti-money laundering and combating terrorism financing framework.

Fiji’s Commitment to Financial Crime Prevention

Fiji’s efforts to manage financial crime risk demonstrate its commitment to protecting its financial system from abuse and ensuring that it remains a safe and secure environment for legitimate transactions.