Financial Crime World

Fiji Introduces Stricter Currency Reporting Requirements

Strengthening Measures Against Money Laundering and Financial Crimes

The Fiji Financial Intelligence Unit (FIU) has introduced new measures to combat money laundering and other financial crimes by strengthening its currency reporting requirements. These measures aim to curb the flow of illicit funds, prevent tax evasion, and detect potential criminal activities.

New Requirements for Travelers

Effective immediately, all individuals traveling in or out of Fiji are required to declare any cash or negotiable instruments exceeding FJD 10,000 (approximately USD 5,000). This increased transparency will help authorities identify and track suspicious transactions more effectively.

According to FIU data, there has been a significant increase in currency declarations over the past few years. In 2019 alone, a total of 1,102 Border Currency Reports (BCRs) were filed, with outbound travelers accounting for more than half of all declarations.

Reporting Requirements for Financial Institutions

Commercial banks and remittance service providers have also been required to report international electronic fund transfer transactions to the FIU, regardless of monetary threshold. This expanded reporting requirement enables authorities to track and analyze suspicious transactions more effectively.

Intelligence Gathering and Analysis

The FIU uses its intelligence processes to analyze these reports and identify suspicious transactions. The agency has launched a Case Management System (CMS) to centrally store and manage STR cases, making it easier to track and investigate potential criminal activities.

  • Regular enquiries with financial institutions gather further information on reported transactions
  • Supports ongoing investigations into money laundering offenses or proceeds of crime cases

Enhanced Security for Legitimate Businesses and Individuals

The new measures are expected to enhance Fiji’s ability to detect and prevent financial crimes, while also providing a safer and more secure environment for legitimate businesses and individuals. By strengthening its currency reporting requirements, the FIU aims to create a more transparent and secure financial system for all stakeholders.