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Fiji Financial Intelligence Unit Issues Alerts and Directives to Combat Financial Crimes

Combating Financial Crimes in Fiji

The Fiji Financial Intelligence Unit (FIU) has released its annual report for 2015, highlighting the efforts made by the agency to combat financial crimes in the country.

Issuance of Alert Notices and Directives

  • The FIU issued seven Alert Notices to financial institutions in 2015, warning them of potential risks associated with individuals and entities suspected of engaging in advance fee fraud.
  • These notices were disseminated to protect the financial system from being used by adversely reported individuals and business entities.

Directives Issued to Financial Institutions

  • The FIU issued 11 directives to financial institutions in 2015, advising them to take specific steps to prevent money laundering and terrorist financing.
  • These directives included requirements for:
    • Enhanced due diligence on customers
    • Establishing source of funds
    • Ascertaining the ultimate destination of transactions
    • Identifying third-party transactions

Notable Cases

  • One notable case highlighted in the report involved an attempt to exchange large quantities of demonetized foreign currency in Fiji.
  • The FIU also issued notices warning financial institutions about stolen foreign currency that was stolen during a robbery at a local residence.

Commitment to Combating Financial Crimes

“We take our responsibility seriously to ensure that the financial system is protected from financial crimes,” said [Name], Director of the FIU. “Our Alert Notices and directives are designed to help financial institutions identify potential risks and prevent them from being used by criminal elements.”

Collaboration and Achievements

  • The FIU’s efforts have been recognized as crucial in preventing and detecting financial crimes in Fiji.
  • The agency works closely with law enforcement agencies and other stakeholders to ensure that financial institutions comply with anti-money laundering regulations.
  • In 2015, the FIU received a total of 41 reports of suspicious transactions, which were investigated and resolved.
  • The agency also provided assistance to foreign authorities in investigating cases related to financial crimes.

Importance of Collaboration

“The report highlights the importance of collaboration between financial institutions, law enforcement agencies, and regulatory bodies in preventing and detecting financial crimes,” said [Name]. “We are committed to working together to protect the integrity of our financial system.”

Annual Report Availability

The FIU’s annual report provides a comprehensive overview of its activities and achievements in 2015. It is available on the agency’s website for public review.

Source: Fiji Financial Intelligence Unit Annual Report 2015