Fiji Financial Intelligence Unit Reports Significant Increase in Money Laundering Cases
Monitoring International Transactions and Border Crossings
The Fiji Financial Intelligence Unit (FIU) has reported a significant increase in money laundering cases in 2018, with over 800,000 international electronic fund transfer transactions being monitored. According to the FIU’s annual report for 2018, commercial banks and remittance service providers are required to report all international electronic fund transfers to the FIU, with no monetary threshold.
Border Currency Declarations
The FIU received over 557 border currency declarations in 2018, a significant increase from previous years. The majority of these declarations were made by outbound travellers, with over 535 declarations being made in this category. Travellers into or out of Fiji are required to declare if they carry currency or negotiable bearer instruments of $10,000 or more.
Analyzing Financial Transactions
In addition to monitoring international transactions and border crossings, the FIU also conducted queries on financial institutions to gather further intelligence on suspicious activities. In 2018, the FIU made over 446 queries to commercial banks and other financial institutions, with the majority of these queries related to customers’ transaction history and identification details.
Tools and Systems Used by the FIU
The FIU uses a range of tools and systems to analyze financial transactions and identify suspicious activity, including:
- Alert and Monitoring System (AMS)
- Data Mining System (DMS)
These systems enable the FIU to proactively identify suspicious transactions and report them to analysts for further analysis.
Disseminating Financial Intelligence
The FIU also disseminates financial intelligence to law enforcement agencies, providing them with the information they need to investigate predicate crimes, money laundering, and terrorist financing activities. The FIU’s intelligence reports provide profiling of suspected proceeds of crime and enable law enforcement agencies to target their investigations more effectively.
Protecting Fiji’s Financial System
Overall, the FIU’s annual report highlights the importance of financial intelligence in detecting and preventing money laundering and other serious offences. With the increasing volume of international transactions and the growing sophistication of criminal activity, the FIU plays a critical role in protecting Fiji’s financial system from illegal activities.