Fiji Detects $220 Million Worth of Financial Crimes in 2017
The Fiji Intelligence Unit has made a significant impact on the country’s financial crimes landscape by issuing 317 intelligence case dissemination reports involving $220 million to the Fiji Revenue and Customs Service. These reports highlighted suspected tax crimes, money laundering activities, and other fraudulent and financial crimes.
Major Boost in Investigations
According to Razim Buksh, Director of the Fiji Intelligence Unit, the revenue and customs service was the largest beneficiary of the unit’s intelligence, representing more than 70 percent of its proactive “whistle-blower” reports. In 2017 alone, the unit’s information led to an additional 1,279 individuals and businesses being investigated for tax and customs violations.
Strengthening Collaboration
A meeting between Buksh and Visvanath Das, Chief Executive Officer of Fiji Revenue and Customs Service, has underscored the need for stronger collaboration and networking between the two agencies. The discussion centered on profiling suspected tax evaders, investigating trade-based money laundering, and related financial crimes.
Referral Reports Lead to Assessments
Das emphasized the importance of the unit’s referral reports in uncovering fraudulent acts where businesses fail to pay their fair share of taxes. In 2017, a total of $6.6 million in tax and penalties was assessed as a result of the Fiji Intelligence Unit referrals, with 21 percent of that amount going towards businesses dealing in the wholesale and retail of motor vehicles.
Full-Time Secondment
Two revenue and customs service officers are currently based with the unit on a full-time secondment, further strengthening the partnership between the two agencies. Both authorities have made it clear that while the overall culture of tax compliance in Fiji is improving, they will not hesitate to take action against individuals and businesses that violate their tax obligations.
Key Statistics
- $220 million: value of financial crimes detected by Fiji Intelligence Unit
- 317: number of intelligence case dissemination reports issued
- 1,279: additional individuals and businesses investigated for tax and customs violations
- $6.6 million: amount of taxes and penalties assessed in 2017
- 21%: percentage of assessed amount going towards businesses dealing in wholesale and retail of motor vehicles