Fiji Financial Intelligence Unit (FIU) 2015 Annual Report

Overview

The Fiji Financial Intelligence Unit (FIU) is responsible for preventing and detecting money laundering and terrorist financing activities within the country. The FIU’s 2015 Annual Report highlights its efforts to protect Fiji’s financial system from these risks.

Key Activities in 2015

• Alert Notices: In 2015, the FIU issued 7 Alert Notices related to possible advance fee fraud, affecting 41 individuals and one entity.
• Directives: The FIU also issued 11 directives to financial institutions, requiring them to:
  • Undertake enhanced due diligence on customers
  • Establish the source of funds
  • Ascertain the ultimate destination of any subsequent withdrawal transactions
  • Identify any third-party transactions
  • Seek approval in writing from the FIU before proceeding with any transaction(s)
• Instruction Notices: The FIU used “instruction notices” (referred to as Directives) to temporarily suspend transactions until customers provided necessary information.

Directives Issued by the FIU

The FIU issued directives that required financial institutions to:

• Undertake enhanced due diligence on customers
• Establish the source of funds
• Ascertain the ultimate destination of any subsequent withdrawal transactions
• Identify any third-party transactions
• Seek approval in writing from the FIU before proceeding with any transaction(s)

Importance of the FIU’s Work

The Fiji Financial Intelligence Unit plays a crucial role in protecting the country’s financial system from money laundering and terrorist financing risks. Its efforts help to maintain the integrity of Fiji’s financial sector and prevent illicit activities that could harm the economy.