Corruption in Financial Industries Haunts Fiji’s Economy, Says FICAC Commissioner

The Fiji Independent Commission Against Corruption (FICAC) is working tirelessly to tackle the pervasive issue of corruption in the country’s financial industries, reassuring the public that its main priority remains reducing the significant economic impact of corruption on Fiji’s economy.

Progress and Challenges

According to a recent report presented by FICAC Commissioner Rasmi Aslam, Fiji has made notable strides in combating corruption. Citing international data from Transparency International’s Corruption Index, which ranks 180 countries based on their perceived levels of public sector corruption, Commissioner Aslam pointed out that:

• Fiji was not among the least corrupt countries before 2020 and 2021.
• However, after a 14-year lapse, when we were considered, Fiji was included within the first 50 least corrupt countries in the world - a significant achievement that demonstrates our progress.

Impact on Economy

Aslam emphasized that this progress is expected to attract additional foreign investors to Fiji’s economy, boosting economic growth and development. The FICAC annual report highlights the commission’s efforts to strengthen its anti-corruption measures, which include:

• Investigating and prosecuting corruption cases
• Engaging with stakeholders to raise awareness about the negative impact of corruption on society

Concerns Persist

Despite these efforts, concerns persist over the prevalence of corruption in Fiji’s financial industries, including allegations of:

• Money laundering
• Fraud
• Embezzlement

Aslam acknowledged that there is still much work to be done to address these issues, but he expressed confidence that FICAC’s continued vigilance will help to ensure a more transparent and accountable financial sector.