Fiji Financial Intelligence Unit Reports Significant Increase in Currency Reporting

Suva, Fiji - The Fiji Financial Intelligence Unit (FIU) has released its annual report for 2019, revealing a significant increase in currency reporting at the border.

Currency Reporting on the Rise

According to the report, the FIU received 1,102 Border Currency Reports (BCRs) in 2019, an increase of 14% compared to 969 BCRs received in 2018. The majority of declarations were made by outbound travellers, with 666 declarations compared to 436 made by inbound travellers.

Electronic Fund Transfer Reports on the Rise

The FIU also reported a significant increase in Electronic Fund Transfer Reports (EFTRs), receiving 1,515,681 reports in 2019, an increase of 12% compared to 1,357,246 reports received in 2018. The majority of EFTRs were made by commercial banks and remittance service providers.

Analysis and Enforcement

The FIU uses its intelligence processes to analyze all reports and information received, including information from the public. The unit employs tactical analysis procedures to identify suspicious transactions and develop intelligence on possible money laundering or other serious offenses.

Case Management System Launched

In 2019, the FIU launched its Case Management System (CMS), which centrally stores all Suspicious Transaction Reports (STRs) cases, analysis, and reports. The system also automatically generates case dissemination reports, link charts, and queries, resulting in more streamlined processes.

Enquiries with Financial Institutions

The FIU made enquiries with financial institutions as part of its analysis process, with 603 queries made to commercial banks and other financial institutions in 2019. These queries are aimed at developing further intelligence on information already provided on the STRs and may also be related to ongoing investigations into money laundering offenses or proceeds of crime cases.

Data Mining System

The FIU has powers to obtain information from relevant financial institutions under sections 14(3), 25(1)(c), 25(1)(h) and 28 of the Financial Transactions Reporting Act. The unit’s data mining system (DMS) also identifies links, relationships, and patterns of suspicious financial activities.

Commitment to Combating Money Laundering

The FIU is committed to combating money laundering and other financial crimes in Fiji, and this increase in currency reporting and EFTRs is a significant step towards achieving this goal.