Financial Crime World

Fiji’s Compliance with Anti-Money Laundering Laws Under Scrutiny

Recent reports have shed light on Fiji’s compliance with the Financial Action Task Force (FATF) recommendations, a global standard for combating money laundering and terrorist financing.

Compliance Highlights

  • Fiji has made significant progress in assessing risk and applying a risk-based approach in assessing suspicious transactions.
  • The country has established national cooperation and coordination mechanisms between law enforcement agencies and other stakeholders.
  • Fiji’s efforts to implement targeted financial sanctions related to terrorism and terrorist financing, as well as those related to proliferation, are also praised.

Areas for Improvement

  • Fiji’s laws and regulations related to confiscation and provisional measures are not fully compliant with FATF standards.
  • Financial institution secrecy laws do not adequately address concerns around transparency and beneficial ownership.
  • Regulation and supervision of non-profit organisations and designated non-financial businesses and professions (DNFBPs) need improvement.
  • Laws and regulations related to cash couriers and statistics on suspicious transactions require attention.

Progress Made

  • Fiji has implemented effective internal controls and foreign branches and subsidiaries.
  • The country has made significant progress in establishing financial intelligence units and providing guidance and feedback to stakeholders.

Next Steps

  • Fiji must continue to work towards full compliance with FATF standards to effectively combat financial crimes and maintain the trust of international partners.
  • Improvements are needed in areas such as transparency and beneficial ownership of legal persons and arrangements, and regulation of non-profit organisations and DNFBPs.

Overall, while Fiji has made significant progress in implementing anti-money laundering measures, there are still several areas that require attention and improvement. The country must continue to work towards full compliance with FATF standards to effectively combat financial crimes and maintain the trust of international partners.