Financial Crime World

Fiji Takes Bold Steps to Combat Financial Crime with National AML Council

In a significant move to prevent and detect money laundering, terrorist financing, and other serious financial crimes, Fiji has established the National Anti-Money Laundering (AML) Council under Section 35 of the Financial Transaction Reporting Act.

Mission and Vision

The council’s vision is to establish an effective and efficient legal system and institutions to combat these illicit activities. The council’s mission is threefold:

  • Provide sound and timely advice to the minister and other relevant stakeholders on preventing money laundering and terrorism financing
  • Promote a strong legal and institutional AML/CFT framework
  • Facilitate networking and cooperation amongst relevant stakeholders

Objectives

To achieve its objectives, the council will provide expert guidance to the minister and government agencies on policy and regulatory matters related to AML/CFT. The council will also work to:

  • Promote a robust legal, policy, and institutional framework that complies with international standards and best practices
  • Support financial institutions in their efforts to combat money laundering and terrorist financing
  • Encourage cooperation between agencies
  • Provide advice to the Financial Intelligence Unit on AML/CFT issues

Impact

With this council in place, Fiji is demonstrating its commitment to preventing financial crime and protecting its economy from illicit activities. The establishment of the National AML Council is a significant step forward in the country’s efforts to combat financial crime and maintain a safe and stable financial system.

Conclusion

Fiji’s decision to establish the National Anti-Money Laundering (AML) Council sends a strong message that the country is committed to combating financial crime and protecting its economy. The council’s mission and objectives are designed to provide expert guidance, promote a robust legal framework, and facilitate cooperation amongst relevant stakeholders. This move will undoubtedly have a positive impact on Fiji’s efforts to prevent financial crime and maintain a stable financial system.