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Fiji Financial Intelligence Unit Releases Annual Report for 2015

Suva, Fiji - A Year of Efforts to Combat Financial Crimes and Protect the Country’s Financial System

The Fiji Financial Intelligence Unit (FIU) has released its annual report for 2015, highlighting the unit’s efforts to combat financial crimes and protect the country’s financial system. The report provides an overview of the FIU’s activities and achievements in identifying and preventing financial crimes.

Key Findings

  • The FIU issued seven Alert Notices in 2015, which involved 41 individuals and one entity.
    • Most Alert Notices were related to suspected advance fee fraud cases targeting commercial banks and money remittance service providers.
  • The FIU issued 11 directives to financial institutions in 2015, aimed at ensuring compliance with the Financial Transactions Reporting Act (FTR Act) and facilitating investigations.
    • These directives included requirements for enhanced due diligence on customers, establishing source of funds, and identifying third-party transactions.

Notable Cases

  • One notable case highlighted in the report involved attempts to exchange large quantities of demonetized foreign currency and commemorative notes in Fiji.
  • Another case involved stolen foreign currency from a robbery at a local residence.

Importance of Financial Institutions

The FIU’s annual report emphasizes the importance of financial institutions circulating Alert Notices internally with caution, due to their sensitive nature. “We take our responsibility seriously to protect Fiji’s financial system from being used by adversely reported individuals and business entities,” said a spokesperson for the FIU. “Our efforts are aimed at ensuring that financial institutions have the necessary tools to detect and prevent financial crimes.”

Future Plans

The report concludes that the FIU will continue to work closely with financial institutions, law enforcement agencies, and other stakeholders to combat financial crimes and maintain a stable and secure financial system in Fiji.

Key Takeaways:

  • The FIU issued seven Alert Notices in 2015, involving 41 individuals and one entity.
  • Most Alert Notices were related to suspected advance fee fraud cases targeting commercial banks and money remittance service providers.
  • The FIU issued 11 directives to financial institutions in 2015, aimed at ensuring compliance with the FTR Act and facilitating investigations.
  • Cases highlighted in the report included attempts to exchange demonetized foreign currency and commemorative notes, as well as stolen foreign currency from a robbery.

Contact:

For more information on the FIU’s efforts to combat financial crimes, please contact:

[Name] Fiji Financial Intelligence Unit Phone: [Phone number] Email: [Email address]