Fiji’s Cash Transaction Reports Reach Record High in 2018

In a significant development, the Fiji Financial Intelligence Unit (FIU) has reported a record number of cash transaction reports (CTRs) received in 2018.

Record Number of CTRs Received

According to the FIU’s annual report for 2018, a total of 968,693 CTRs were submitted, representing an increase of 55 percent compared to the previous year. This surge is largely attributed to the reporting requirements of a particular financial institution, which has significantly contributed to the increased volume of reports.

Reporting Requirements

Under section 14 of the Financial Transactions Reporting Act (FTR Act) and section 24 of the FTR Regulations, financial institutions are required to report suspicious transactions to the FIU. The CTRs reported by financial institutions include cash transactions above $10,000 or its equivalent in foreign currency.

Value of CTRs

The reports provide valuable information to help the FIU analyze and assess potential money laundering and other serious offenses.

Increased Enquiries with Financial Institutions

In addition to receiving a record number of CTRs, the FIU also made 446 enquiries with financial institutions in 2018 to gather further intelligence on reported transactions. These queries are aimed at developing further insight into suspicious activities and may be related to ongoing investigations of money laundering offenses or proceeds of crime cases.

Data Mining and Analysis

The FIU uses advanced data mining systems, including the Financial Intelligence Monitoring System (FFIMSO), to analyze financial transaction data captured in its database. The system identifies links, relationships, and patterns of suspicious financial activities, enabling the FIU to proactively identify and report suspicious transactions.

Dissemination of Financial Intelligence

The FIU disseminates financial intelligence to law enforcement agencies, providing them with valuable information to investigate predicate crimes, money laundering, and terrorist financing activities. The FIU’s intelligence reports also provide profiling of suspected proceeds of crime cases, helping investigators track down criminal activity.

Strategic Progress

Despite the challenges posed by the increased volume of reports, the FIU made significant progress in 2018. The unit is developing a new Strategic Case Management System to improve its analysis and investigation capabilities. This system will enhance the FIU’s ability to effectively manage and analyze financial intelligence, ultimately leading to more effective investigations and prosecutions.

Conclusion

In conclusion, the record number of cash transaction reports received by the FIU in 2018 underscores the importance of financial intelligence in combating money laundering and other serious offenses. As the FIU continues to develop its capabilities and strengthen its partnerships with law enforcement agencies, Fiji is well-positioned to tackle complex financial crimes and protect its economy from criminal activity.