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Fiji Financial Intelligence Unit Releases Annual Report for 2015
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. According to the report, the FIU issued seven Alert Notices in 2015 to financial institutions, warning them of potential fraud and money laundering risks.
Alert Notices
The Alert Notices were related to individuals suspected of being linked to possible advance fee fraud, and advised financial institutions to exercise enhanced due diligence when dealing with these individuals.
Directives Issued to Financial Institutions
In addition to issuing Alert Notices, the FIU also issued 11 directives to financial institutions in 2015, requiring them to take specific steps to prevent money laundering and terrorist financing. These directives included requirements for financial institutions to:
- Undertake enhanced customer due diligence
- Establish the source of funds
- Seek approval from the FIU before proceeding with certain transactions
Notable Cases
The report highlights two notable cases that were investigated by the FIU in 2015.
Case 1: Robbery and Fraud Scheme
One case involved a commercial bank outlet that was robbed and had large quantities of stolen foreign currency exchanged at a local residence. The FIU issued an Alert Notice warning financial institutions of this potential fraud scheme.
Case 2: Demonetized Foreign Currency Exchange
Another case involved individuals attempting to exchange large quantities of demonetized foreign currency, including commemorative notes, in Fiji. The FIU issued a directive to financial institutions requiring them to exercise enhanced due diligence when dealing with these individuals.
Key Statistics
- 7 Alert Notices were issued by the FIU in 2015
- 41 individuals and one entity were listed as being of interest to financial institutions
- 11 directives were issued to financial institutions in 2015
The annual report highlights the important role that the FIU plays in protecting Fiji’s financial system from criminal activity. By sharing information with other law enforcement agencies and issuing Alert Notices and directives, the FIU helps to prevent financial crimes and support the country’s economic development.
Source: Fiji Financial Intelligence Unit Annual Report 2015