Fiji Adheres to Global Anti-Money Laundering Standards, Experts Say
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Fiji has taken significant steps to combat money laundering and terrorist financing by adopting guidelines set by the Financial Action Task Force (FATF) for individuals in the country. This move demonstrates its commitment to international standards and efforts to prevent these illegal activities.
FATF Recommendations: A Comprehensive Framework
The FATF Recommendations provide a comprehensive framework of measures that countries should implement to prevent money laundering and terrorist financing. These guidelines are designed to be adaptable to each country’s unique circumstances, taking into account their legal, administrative, and operational frameworks as well as financial systems.
Key Features of the FATF Recommendations
- Comprehensive framework of measures to prevent money laundering and terrorist financing
- Adaptable to each country’s unique circumstances
- Covers all serious offenses
Fiji’s Anti-Money Laundering System
Fiji joined the Asia-Pacific Group on Money Laundering (APG) in 1998 and has since developed an anti-money laundering system that covers all serious offenses. The country also has a Financial Intelligence Unit capable of reporting suspicious transactions.
Key Components of Fiji’s Anti-Money Laundering System
- Comprehensive coverage of all serious offenses
- Financial Intelligence Unit for reporting suspicious transactions
Accessing Information on FATF Recommendations
Individuals in Fiji can access more information on the FATF website, where they will find links to the latest updates of the Recommendations and Methodology.
Resources Available on the FATF Website
- Latest updates of the FATF Recommendations
- Methodology for implementing the Recommendations