Financial Crime World

Fiji Financial Intelligence Unit Releases 2015 Annual Report

Overview

The Fiji Financial Intelligence Unit (FIU) has released its annual report for 2015, highlighting the various alert notices and directives issued to financial institutions throughout the year.

Alert Notices

According to the report, the FIU issued seven alert notices in 2015, which involved 41 individuals and one entity. The majority of these notices related to individuals suspected of being linked to possible advance fee fraud schemes.

  • These notices were disseminated to financial institutions as a precautionary measure to protect the financial system from being used by adversely reported individuals and business entities.
  • Financial institutions are advised to circulate these notices internally with caution due to their sensitive and confidential nature.

Directives

In addition to the alert notices, the FIU issued 11 directives to financial institutions in 2015. These directives were aimed at ensuring compliance with the Financial Transactions Reporting Act (FTR Act) and facilitating investigations by law enforcement agencies.

  • The directives covered a range of issues, including:
    • Undertaking enhanced due diligence on customers
    • Establishing the source of funds
    • Ascertaining the ultimate destination of withdrawal transactions
    • Seeking approval from the FIU before proceeding with certain transactions

One notable directive issued in 2015 was the temporary suspension of a transaction until a customer provided all necessary information to the financial institution. This was done consistent with customer due diligence requirements under the FTR Act and regulations.

Powers Under the FTR Act

The FIU’s powers under the FTR Act enable it to issue such directives, which are referred to as “instruction notices”. These notices aim to ensure that financial institutions take appropriate steps to prevent illegal activities and protect the integrity of the financial system.

Key Statistics

  • 7 Alert Notices issued in 2015
  • 41 individuals and 1 entity involved
  • Majority of notices related to possible advance fee fraud schemes
  • 11 Directives issued to financial institutions in 2015
  • Directives covered issues such as enhanced due diligence, source of funds, and transaction monitoring

Conclusion

The release of this annual report highlights the FIU’s commitment to monitoring suspicious transactions and reporting activities, as well as its role in providing guidance and direction to financial institutions. The report also underscores the importance of cooperation between the FIU, financial institutions, and law enforcement agencies in preventing financial crimes.

Source: Fiji FIU Annual Report 2015