Financial Crime World

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Fiji’s Anti-Money Laundering and Counter-Terrorist Financing Efforts Face Criticism

A recent assessment of Fiji’s anti-money laundering (AML) and counter-terrorist financing (CFT) measures has highlighted several shortcomings in the country’s efforts to combat financial crimes.

Shortcomings in AML/CFT Measures

The report highlights several areas of concern, including:

  • Lack of Reliable Statistics: Fiji’s AML/CFT system lacks comprehensive and reliable statistics across all related agencies.
  • Limited Resources: The Financial Intelligence Unit (FIU) provides intelligence to law enforcement agencies on predicate crimes and money laundering, but capacity and resource limitations hinder its effectiveness.
  • Defective Legal Framework: Fiji’s legal framework for terrorist financing is defective, as it does not cover the provision of property to individual terrorists or terrorist organizations in the absence of a link to terrorist acts.

Limitations in Law Enforcement

The assessment also notes that:

  • Limited Resources and Capabilities: The Fiji Police Force (FPF) and other competent authorities have limited resources and capabilities to respond to financial intelligence, leading to a lack of parallel investigations into tax crimes, bribery, and corruption.
  • Lack of Awareness: There is a lack of awareness among law enforcement agencies and the private sector about terrorist financing risks.

Recommendations

To address these shortcomings, the report recommends:

  • Improve Data Collection and Analysis: Improve data collection and analysis on AML/CFT-related activities
  • Increase Resources for Law Enforcement: Increase resources for law enforcement agencies to respond to financial intelligence
  • Enhance Awareness: Enhance awareness about terrorist financing risks among stakeholders
  • Strengthen Legal Framework: Strengthen the legal framework for terrorist financing
  • Establish Competent Authority: Establish a competent authority for implementing targeted financial sanctions
  • Implement Interception Measures: Implement measures to enable interception of private communications in furtherance of money laundering, terrorist financing, corruption, bribery, and other serious crime

By addressing these shortcomings, Fiji can improve its AML/CFT regime and better combat financial crimes.