Financial Crime World

Fiji’s National AML Council Takes Center Stage in Fight Against Money Laundering and Terrorism Financing

Strengthening Efforts Against Serious Financial Crimes

In a bid to combat money laundering, terrorist financing, and other serious financial crimes, Fiji has established the National AML Council under Section 35 of the Financial Transactions Reporting Act. The council serves as the country’s national coordination committee for anti-money laundering and combating the financing of terrorism (AML/CFT) initiatives.

Vision and Objectives

The council’s vision is to create 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 goal, the council has set out three key missions for itself:

  • Mission 1: Providing Sound Advice
    • Offer guidance on policy and regulatory matters related to AML/CFT
    • Provide sound and timely advice to the Minister and other relevant stakeholders on preventing money laundering and terrorism financing
  • Mission 2: Promoting a Strong Legal Framework
    • Promote a strong legal and institutional framework that complies with international AML/CFT standards and best practices
    • Enable Fiji’s financial institutions to stay ahead of the curve in combating these serious crimes
  • Mission 3: Facilitating Networking and Cooperation
    • Encourage collaboration and information-sharing amongst relevant stakeholders, including government agencies, financial institutions, and law enforcement bodies
    • Build a robust AML/CFT regime that can effectively prevent and detect money laundering and terrorist financing

Achieving Objectives

To achieve its objectives, the council will work closely with various stakeholders:

  • Providing advice on policy and regulatory matters
  • Supporting institutions in their efforts to combat these crimes
  • Encouraging cooperation between agencies
  • Providing guidance to Fiji’s Financial Intelligence Unit (FIU) on AML/CFT issues

Fiji Poised for Progress

With the National AML Council at the helm, Fiji is poised to take a major step forward in its fight against money laundering and terrorism financing. The council’s efforts will help strengthen Fiji’s legal system and institutions, enabling the country to prevent and detect these serious financial crimes more effectively.