Fiji’s Fight Against Money Laundering: Compliance with International Standards

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Fiji has been working diligently to combat money laundering, terrorist financing, and the proliferation of weapons of mass destruction. The country’s efforts have been shaped by the Financial Action Task Force (FATF) Recommendations, a comprehensive framework for countries to follow in order to counter these threats.

International Standardization

The FATF Recommendations provide an international standard that member states should adapt to their particular circumstances. This standard includes:

• Recommendations: Guidelines for countries to follow in combating money laundering and terrorist financing.
• Interpretive Notes: Clarifications on the application of the recommendations.
• Glossary: Definitions of terms used in the recommendations.

Fiji’s Membership and Progress

In 1998, Fiji joined the Asia-Pacific Group on Money Laundering (APG), a regional organization dedicated to combating money laundering and terrorist financing. Since then, the country has made significant strides in developing its anti-money laundering system, including:

• Enacting laws: Fiji has enacted laws to combat all serious offenses.
• Establishment of a Financial Intelligence Unit: The unit enables the reporting of suspicious transactions.

Mutual Evaluations

The APG conducts regular mutual evaluations of its member countries to assess their compliance with international standards and best practices. These evaluations provide valuable insights for countries to:

• Identify areas of improvement
• Strengthen their anti-money laundering policies

By conforming to international standards, Fiji is working towards a safer financial system and a stronger economy.