Financial Crime World

Fiji’s Fight Against Financial Crime: National AML Council Takes Center Stage

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Fiji has taken a significant step in bolstering its efforts against money laundering, terrorist financing, and other serious financial crimes by establishing the National AML Council under Section 35 of the Financial Transactions Reporting Act. As the country’s national AML/ CFT coordination committee, the council plays a crucial role in preventing and detecting these illicit activities.

Vision Statement

According to its vision statement, the National AML Council aims to establish an effective and efficient legal system and institutions that can effectively combat financial crimes in Fiji.

Key Missions

To achieve this goal, the council has set out three key missions:

  • Providing sound and timely advice: The council provides expert guidance to the Minister and government agencies on policy and regulatory AML/ CFT issues.
  • Promoting a strong legal and institutional framework: The council promotes compliance with international standards and best practices by supporting institutions in their efforts to combat money laundering and terrorist financing.
  • Facilitating networking and cooperation: The council encourages networking and cooperation between agencies, as well as provides advice to the Financial Intelligence Unit on AML/ CFT matters.

Achieving Objectives

To accomplish these objectives, the National AML Council:

  • Provides expert guidance to the Minister and government agencies on policy and regulatory AML/CFT issues.
  • Promotes compliance with international standards and best practices by supporting institutions in their efforts to combat money laundering and terrorist financing.
  • Encourages networking and cooperation between agencies, as well as provides advice to the Financial Intelligence Unit on AML/CFT matters.

Role of National AML Council

As Fiji continues to grapple with the complex challenges posed by financial crime, the National AML Council plays a crucial role in coordinating efforts to prevent and detect these activities. With its expertise and guidance, the council is helping to establish a robust legal and institutional framework that can effectively address these threats and protect the country’s financial system.

By taking center stage in Fiji’s fight against financial crime, the National AML Council is helping to ensure a safer and more secure financial environment for all citizens.