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2015 Fiji Financial Intelligence Unit Report
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The Fiji Financial Intelligence Unit (FIU) has released its report for the year 2015. The report highlights key trends, challenges, and recommendations related to anti-money laundering (AML) and combating the financing of terrorism (CFT) efforts in Fiji.
Alert Notices and Directives
In 2015, the FIU issued a total of 7 Alert Notices that involved 41 individuals and one entity. These notices were primarily related to:
- Possible advance fee fraud
- Stolen foreign currency
- Attempts to exchange large quantities of demonetized foreign currency commemorative notes in Fiji
Directives Issued by the FIU
The FIU issued a total of 11 directives to financial institutions in 2015. These directives emphasized the importance of:
- Undertaking enhanced due diligence on customers
- Establishing the source of funds
- Ascertain the ultimate destination of any subsequent withdrawal transactions
- Identifying any third-party transactions
- Seeking approval in writing from the FIU before proceeding with any transaction
FTR Act and Regulations
The report highlights that the FIU has powers under section 25 (1) (h) of the Financial Transaction Reporting Act (FTR Act) to issue directives to financial institutions. The FTR Act requires financial institutions to undertake customer due diligence and report suspicious transactions.
Overall Trends
The report emphasizes the importance of AML/CFT efforts in Fiji, highlighting potential risks associated with:
- Advance fee fraud
- Stolen foreign currency
- Attempts to exchange large quantities of demonetized foreign currency commemorative notes
Recommendations
While the report does not provide explicit recommendations, it implies that financial institutions should take a proactive approach to AML/CFT efforts by:
- Undertaking enhanced due diligence on customers
- Reporting suspicious transactions
- Adopting best practices in customer due diligence and transaction monitoring.