Financial Crime World

Title: Fiji’s Progress in Money Laundering and Terrorist Financing Crackdown: According to the Asia Pacific Group (APG) Report

Subtitle

A glimpse into Fiji’s significant strides towards strengthening measures against financial crimes

Suva, FIJI

The Asia Pacific Group (APG) report released in March 2023 showcases Fiji’s progress in addressing the 2016 Mutual Evaluation deficiencies regarding anti-money laundering and counter-terrorist financing (AML/CFT) compliance.

Key Improvements by Fiji

  • Legislation: Implementation of the Proceeds of Crime Act (POCA) and related regulations.
  • Task Force: Establishment of the Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Task Force.
  • Supervision: Enhancement of regulatory and supervisory oversight for designated non-financial businesses and professions.
  • FIU: Improvements in the capabilities of Fiji’s Financial Intelligence Unit (FIU).
  • Public and Private Sector: Greater awareness and adherence to AML/CFT obligations among financial institutions and designated non-financial businesses.

On-going Efforts and Challenges

Fiji’s authorities have taken the following actions to strengthen the country’s AML/CFT framework since the last report:

  • Regulations: Revising and updating key regulations
  • Training & Capacity Building: Enhancing training and capacity building
  • Public Awareness: Increasing public awareness of financial crimes and the importance of reporting suspicious transactions

Areas for Further Improvement

  • Risk-Based Approaches: Effectively implementing risk-based approaches.
  • Investigation & Prosecution: Improving the investigation and prosecution of financial crimes.

Conclusion

The latest APG report reflects Fiji’s progress in upholding international standards against money laundering and terrorist financing. This marks an essential step forward in furthering its credibility in the global fight against financial crimes.

Continued efforts are necessary to tackle new challenges and strengthen the AML/CFT framework further. Collaboration and ongoing dialogue with the international community remain vital.