Financial Crime World

Fiji’s Anti-Money Laundering and Counter-Terrorist Financing Measures Under Scrutiny

A report assessing Fiji’s anti-money laundering (AML) and counter-terrorist financing (CFT) measures has identified several areas of concern. The report, conducted by the Asia-Pacific Group on Money Laundering (APG), found that Fiji’s AML/CFT system is in need of improvement.

Inadequate Statistics and Intelligence Sharing

The report highlighted the lack of comprehensive statistics across all AML/CFT-related agencies, which hinders the ability to effectively monitor and track suspicious transactions. Additionally, the report noted that there is a lack of intelligence sharing between law enforcement agencies, which limits their ability to respond to financial intelligence.

  • Lack of comprehensive statistics
  • Limited intelligence sharing between agencies

Ineffective Investigations and Prosecutions

The report also found that investigations into money laundering cases are often limited by capacity, capability, and resource constraints. Furthermore, the report noted that there have been no convictions associated with drug-related crimes despite drug-related crime being identified as a serious money laundering threat.

  • Limited investigation capabilities
  • No convictions for drug-related crimes

The report identified several deficiencies in Fiji’s legal framework and enforcement, including:

  • Significantly defective terrorist financing offence
  • Lack of comprehensive legislative framework to enable implementation of targeted financial sanctions
  • Limited awareness among law enforcement agencies and the private sector regarding terrorist financing

Recommendations for Improvement

The APG has made several recommendations to improve Fiji’s AML/CFT system, including:

  • Improving statistics and intelligence sharing between agencies
  • Enhancing investigations and prosecutions into money laundering cases
  • Strengthening the legal framework to combat terrorist financing
  • Increasing awareness among law enforcement agencies and the private sector regarding terrorist financing

The APG report highlights the need for Fiji to strengthen its AML/CFT system to prevent the misuse of its financial system and to protect its citizens from the threat of money laundering and terrorist financing.