Here is the article converted into Markdown format with proper headings, subheadings, and bullet points:

Fiji’s Financial Intelligence Unit Reports Record High in Cash Transaction Reports

Suva, Fiji - The Fiji Financial Intelligence Unit (FIU) has released its annual report for 2018, revealing a significant increase in cash transaction reports. According to the report, the FIU received a record-high 968,693 Cash Transaction Reports (CTRs) in 2018, representing an average of around 81,000 per month.

Increase from Previous Year

This represents a 55% increase from the 623,213 CTRs reported in 2017. The surge is largely attributed to the reporting of all transactions of $10,000 and above by a particular financial institution, as required under section 14 of the Financial Transaction Reporting Act (FTR Act) and section 24 of the FTR Regulations.

Electronic Fund Transfer Transactions Also on the Rise

The FIU also reported an increase in Electronic Fund Transfer Transactions (EFTRs), with 446 queries made to commercial banks and other financial institutions to obtain further information.

“Our analysis and assessment of these reports enable us to identify potential money laundering or serious offence activities, allowing our law enforcement partners to investigate and disrupt criminal networks,” said [Name], Director of the FIU.

FIU’s Intelligence Analysis and Dissemination

The FIU uses tactical analysis procedures to analyze all reports received, including information from members of the public. The unit also utilizes its Alert and Monitoring System (AMS) and Data Mining System (DMS) to identify suspicious transactions and patterns of financial activities.

• In 2018, the FIU made 446 queries to commercial banks and other financial institutions for further information, with the majority related to customer account and transaction details. • The FIU also disseminates its intelligence reports to law enforcement agencies, providing profiling of suspected proceeds of crime and enabling investigations into predicate crimes, money laundering, and terrorist financing activities.

Strategic Approach

The FIU is developing a Strategic Intelligence Report (SIR) that will provide a comprehensive overview of the financial sector’s risks and vulnerabilities. The report will also outline recommendations for mitigating these risks and improving the overall effectiveness of anti-money laundering efforts in Fiji.

“We are committed to working closely with our law enforcement partners and the financial sector to ensure that we stay ahead of the evolving threat landscape,” said [Name], Director of the FIU.

Conclusion

The FIU’s annual report is a critical tool for understanding the financial crime trends and patterns in Fiji, enabling the unit to refine its strategies and tactics to combat money laundering, terrorist financing, and other serious offences.