Financial Crime World

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Fiji Financial Intelligence Unit 2015 Annual Report

The Fiji Financial Intelligence Unit (FIU) is a government agency responsible for receiving, analyzing, and disseminating financial intelligence related to money laundering, terrorist financing, and other financial crimes. The following are some key points extracted from the FIU’s 2015 annual report.

Alert Notices

In 2015, the FIU issued 7 Alert Notices, which involved 41 individuals and 1 entity. These notices were mostly related to suspected Advance Fee Fraud, a type of scam where victims are tricked into paying upfront fees for goods or services that are never delivered.

  • The alert notices required financial institutions to take extra precautions when dealing with these individuals and entities.
  • Some examples of the steps taken by financial institutions include:
    • Undertaking enhanced due diligence on customers
    • Establishing source of funds
    • Ascertain the ultimate destination of any subsequent withdrawal transactions
    • Identify any third-party transactions
    • Seeking approval in writing from the FIU before proceeding with any transaction

Directives to Financial Institutions

In addition to alert notices, the FIU also issued 11 directives to financial institutions in 2015. These directives were issued under section 25(1)(h) of the FTR Act and required financial institutions to take specific steps to prevent financial crime.

Some examples of the types of directives issued include:

  • Requiring financial institutions to establish source of funds for certain transactions
  • Requiring financial institutions to ascertain the ultimate destination of any subsequent withdrawal transactions
  • Identifying any third-party transactions

Types of Alerts and Directives

The FIU issued alerts and directives related to various types of financial crime, including:

  • Advance Fee Fraud: a type of scam where victims are tricked into paying upfront fees for goods or services that are never delivered.
  • Stolen Foreign Currency: the FIU issued alerts and directives related to the exchange of stolen foreign currency.
  • Attempts to Exchange Large Quantities of Demonetized Foreign Currency Commemorative Notes: the FIU issued alerts and directives related to attempts to exchange large quantities of demonetized foreign currency commemorative notes.

Statistics

In 2015, the FIU received a total of 318 reports, which led to the issuance of various alerts and directives. These reports were related to possible criminal involvement of foreign individuals and business entities, as well as regional or international organized crimes.

Overall, the report highlights the FIU’s efforts to combat financial crime and protect the financial system from being used by adversely reported individuals and business entities.