Fiji to Issue Guidance on Targeted Financial Sanctions for FIs and DNFBPs

Government of Fiji Announces Plans to Issue Guidance on TFS Obligations

The Government of Fiji has announced plans to issue guidance to financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs) on their targeted financial sanctions (TFS) obligations following the passage of amendments to the Public Order Act.

Strengthening AML/CFT Framework

The guidance is aimed at ensuring that FIs and DNFBPs comply with international standards for combating the financing of terrorism and proliferation of weapons of mass destruction. Fiji’s efforts to improve its anti-money laundering and combatting the financing of terrorism (AML/CFT) regime have been recognized by the Asia-Pacific Group on Money Laundering (APG), which has endorsed the country’s Financial Sector Assessment Programme (FSAP) report.

Key Objectives

The guidance is expected to provide FIs and DNFBPs with clear instructions on their obligations under TFS, including:

• Identification of high-risk individuals and entities
• Procedures for reporting suspicious transactions

Strengthening Fiji’s Financial Sector

The move is seen as an important step in strengthening Fiji’s financial sector and maintaining its reputation as a stable and secure jurisdiction.

Enhanced Follow-up by APG

Fiji’s AML/CFT regime has been subject to enhanced follow-up by the APG due to its MER effectiveness results. The country is required to submit its next progress report to the APG by October 2021, which will provide an update on its implementation of AML/CFT measures and address any outstanding recommendations.

Government Commitment

The Government of Fiji is committed to maintaining a robust AML/CFT framework that protects the integrity of its financial system and promotes international cooperation against money laundering and terrorist financing.