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Fiji’s Financial Intelligence Unit Makes Progress in Combating Money Laundering and Terrorist Financing
The Financial Action Task Force (FATF) has recognized significant progress made by the Fiji Financial Intelligence Unit (FIU) in combating money laundering and terrorist financing.
Improving Efficiency with Technology
According to a report presented to Parliament, the FIU launched its first Case Management System in 2019. This online central database for all suspicious transaction reports and analysis has enabled the unit to improve its efficiency in detecting and preventing financial crimes.
Strengthening Engagement and Training
The report also noted that the FIU has strengthened its engagement with designated non-financial businesses and professions, as well as other industry stakeholders and enforcement authorities. This has led to a significant increase in trainings provided to financial institutions, from 79 in 2019 to 104 in 2020.
Aligning with Sustainable Development Goals
The Committee on FATF Recommendations also praised the FIU for finalizing its 2020-2024 Strategic Plan, which focuses on financial intelligence, preventative measures, technology-driven processes, partnerships, and people. This plan aligns with Fiji’s commitment to achieving Sustainable Development Goal (SDG) 16: Peace, Justice and Strong Institutions.
Enhancing Case Dissemination
The report also highlighted the FIU’s efforts in providing case dissemination reports to law enforcement agencies, with a substantial increase from 84 in 2019 to 270 in 2020. However, the Committee recommended that the FIU explore further options to forge stronger commitments with law enforcement agencies for regular feedback on cases referred by the FIU.
Compliance with International Standards
The FATF Recommendations are a set of international standards aimed at preventing money laundering and terrorist financing. Fiji’s progress was recognized during the Asia/Pacific Group on Money Laundering (APG) Annual Meeting, where its compliance ratings were upgraded to “largely compliant” or “compliant” for 17 recommendations.
Conclusion
In conclusion, the Committee commended the FIU for its overall performance and applauded its proactive measures in enhancing service delivery. The unit’s continued efforts are crucial in protecting the integrity of Fiji’s national financial frameworks and systems from money laundering and related crimes.
Members of Parliament Sign Off on Report
The report was signed off by:
- Hon. Vijay Nath, Chairperson
- Hon. Veena Bhatnagar, Deputy Chairperson
- Hon. George Vegnathan, Member
- Hon. Inosi Kuridrani, Member
- Hon. Ro Filipe Tuisawau, Member