Cybercrime Concerns Grow in Fiji’s Finance Sector

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Concerns have been raised by the Fiji Institute of Accountants (FIA) about a surge in money laundering and cybercrime activities in Fiji’s finance sector. The President of FIA, Nitesh Lal, expressed worry over the increasing menace during a recent presentation to the Standing Committee on Economic Affairs.

Efforts to Combat Financial Crimes

The FIA is working closely with the Fiji Financial Intelligence Unit (FIU) to combat financial crimes and money laundering. The organization has launched professional development programs for its members, which include presentations from FIU officials on how accountants can assist in combating financial crimes and money laundering.

Targeting Young Accountants

At Higher Risk of Being Tempted into Illegal Activities

The FIA is targeting young accountants who are at a higher risk of being tempted into illegal activities. Educating and raising awareness through programs and dialogue is crucial in addressing the problem, according to Lal.

Growing Threat of Cybercrime

Director of FIU Razim Buksh highlighted that drug trafficking, tax evasion, and conversion or deception or fraud-related activities top their watchlist. Criminals are constantly seeking loopholes within the financial sector to carry out illegal activities.

Increasing Cases of Money Laundering

Suspected Cases Worth Millions

In 2017, FIU forwarded 84 suspected money laundering cases worth approximately $4 million to the police. The following year, the amount increased significantly to over $24 million in suspected cases. This growing trend has raised concerns among authorities and experts, calling for urgent measures to combat cybercrime in Fiji’s finance sector.

Call to Action

The increasing threat of cybercrime in Fiji’s finance sector requires immediate attention and action. The FIA is committed to working with the FIU to educate its members and raise awareness about the importance of combating financial crimes and money laundering.