Financial Crime World

Fiji Financial Intelligence Unit Seeks to Uncover Money Laundering and Other Serious Offences

Introduction

The Financial Intelligence Unit (FIU) has released its annual report for 2018, detailing the unit’s efforts to combat money laundering and other serious financial crimes in Fiji.

Reporting Requirements

Commercial banks and remittance service providers are required to report all international electronic fund transfer transactions to the FIU, with no monetary threshold. This requirement is set out in section 13(2) of the Financial Transactions Reporting Act (FTR Act).

  • Travellers into or out of Fiji are also required to declare if they carry currency or negotiable bearer instruments of $10,000 or more (or its equivalent in foreign currency). This is required under section 32 of the FTR Act.
  • The FIU collects Border Currency Declarations from travellers, with a total of 792 declarations made in 2018. The unit uses these declarations to identify potential currency smuggling and money laundering activities.

Reporting and Intelligence Development

The FIU’s reporting and intelligence development process involves:

  • Analyzing all reports and information received, including:
    • Suspicious Transaction Reports (STRs)
    • Currency Transaction Reports (CTRs)
    • Electronic Fund Transfer Reports (EFTRs)
  • Using data mining systems and alert and monitoring systems to identify suspicious transactions and patterns of financial activity.

Queries and Investigations

In 2018, the FIU made 446 queries for further information to commercial banks and other financial institutions. These queries were aimed at developing further intelligence on STRs and investigating potential money laundering and proceeds of crime cases.

Dissemination of Financial Intelligence

The FIU’s dissemination of financial intelligence is also a key function, with the unit providing reports to law enforcement agencies to assist in their investigations. The reports provide profiling of suspected proceeds of crime and enable law enforcement partners to investigate predicate crimes, money laundering, and terrorist financing activities.

Future Plans

According to the report, the FIU will continue to develop its case management system and implement new tools to improve its intelligence analysis and reporting capabilities.

Conclusion

The Fiji Financial Intelligence Unit Annual Report 2018 provides a comprehensive overview of the unit’s activities and efforts to combat financial crime in Fiji.