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Fiji Financial Intelligence Unit Releases Annual Report: Combating Money Laundering and Terrorism Financing

Introduction

The Fiji Financial Intelligence Unit (FIU) has released its annual report for 2018, showcasing the unit’s efforts in combating money laundering and terrorism financing.

Border Currency Declaration Reports

  • The FIU received a total of 969 Border Currency Declaration Reports (BCRs) from travelers entering or leaving Fiji.
  • This represents a significant increase of 792 reports compared to 2017.
  • BCRs are used to monitor and detect suspicious transactions related to currency smuggling and money laundering.

International Electronic Fund Transfer Reports

  • The FIU received over 1 million international electronic fund transfer reports (EFTRs) from commercial banks and remittance service providers, including mobile phone money remitters.
  • There is no monetary threshold for EFTRs, which allows the FIU to monitor all international transactions.

Analytical Capabilities

  • The FIU uses advanced data mining systems to analyze financial transaction data and identify suspicious activities.
  • The unit’s Alert and Monitoring System (AMS) monitors all financial transaction reports maintained on its database for identifying suspicious transactions.

Queries and Investigations

  • The FIU made 446 queries to commercial banks and other financial institutions in 2018, seeking further information on customers’ transaction history, identification details, account details, and other relevant information.
  • The queries are aimed at developing further intelligence on information already provided on Suspicious Transaction Reports (STRs).

Case Management System

  • The FIU is developing a STR case management system, which will be completed and implemented in 2019.
  • This system will enable the FIU to manage and track STRs more efficiently.

Dissemination of Financial Intelligence

  • The FIU provides intelligence reports to law enforcement agencies, enabling them to investigate predicate crimes, money laundering, and terrorist financing activities.
  • Dissemination of financial intelligence is a key function of the FIU in combating money laundering and terrorism financing.

Conclusion

The FIU’s annual report highlights its commitment to combating money laundering and terrorism financing in Fiji, and its efforts to strengthen the country’s financial integrity and stability.