Financial Crime World

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Fiji FIU Uncovers Web of Internet Banking Fraud and Money Laundering Schemes

A recent report by the Fiji Financial Intelligence Unit (FIU) has revealed a series of internet banking fraud and money laundering schemes that have been uncovered in the country.

Scheme Details

According to the report, individuals and companies involved in these schemes used fake identities, offshore accounts, and false documentation to carry out their illegal activities. The FIU received reports from commercial banks and other financial institutions regarding suspicious transactions and investigations were conducted to identify those responsible.

Case Examples

One of the cases highlighted in the report involves a foreign national who reported that he was expecting a transfer of 29 million EUROs from a company based in Switzerland to his bank account in Fiji. However, when questioned by bank officials, it became clear that the individual had provided insufficient documentation and the account was subsequently closed.

The FIU also investigated cases of individuals using fake airline tickets to obtain financial gain and another case where a former Fiji citizen allegedly layered funds originating from Australia through large telegraphic transfers.

Indicators of Money Laundering and Fraud

The report highlights several indicators of money laundering and fraud, including:

  • The use of gatekeepers, such as accountants, to facilitate alleged layering of funds
  • Occupation of investors unclear or inconsistent with reported income
  • Large telegraphic transfers not commensurate with occupation
  • Movement of funds between local bank accounts as soon as large amounts received from offshore

FIU Action

The FIU has issued reports to foreign financial intelligence units and relevant authorities regarding these cases, and several individuals have been charged with offenses including:

  • Money Laundering
  • Fraud
  • General Dishonesty

Timeline

  • November 20, 2015 - March 7, 2016
  • January 27, 2016 - February 8, 2016