Fiji Establishes National Anti-Money Laundering Council to Combat Financial Crimes

Fiji has taken a significant step in strengthening its legal system and institutions by establishing the National Anti-Money Laundering (AML) Council under Section 35 of the Financial Transactions Reporting Act.

Introduction

The National AML Council is the country’s national AML/CFT coordination committee, responsible for providing sound and timely advice to the Minister and other relevant stakeholders on the prevention of money laundering, terrorist financing, and other serious financial crimes.

Vision and Missions

According to its vision, the National AML Council aims to establish an effective and efficient legal system and institutions that can prevent and detect money laundering, terrorist financing, and other serious financial crimes in Fiji. To achieve this, the council has outlined three key missions:

• Providing sound and timely advice to the Minister and other relevant stakeholders on the prevention of money laundering and terrorism financing
• Promoting a strong legal and institutional AML/CFT framework
• Facilitating networking and cooperation amongst relevant stakeholders

Roles and Responsibilities

To accomplish its missions, the National AML Council will:

• Provide sound and timely advice to the Minister and other government agencies on policy and regulatory AML/CFT matters
• Promote a strong legal, policy, and institutional framework that complies with international AML/CFT standards and best practices
• Support institutions in their efforts to combat money laundering and terrorist financing
• Encourage and facilitate networking and cooperation between agencies
• Provide advice to the Financial Intelligence Unit (FIU) on AML/CFT issues

Significance

The establishment of the National AML Council is a significant step forward for Fiji’s fight against financial crimes, underscoring its commitment to implementing robust anti-money laundering regulations and protecting the integrity of its financial system.