Fiji’s Dirty Money: Illegal Fishing and Logging Worth Millions
Illicit Activities Worthy of Millions in Fiji
Suva, Fiji - A recent report by the Financial Intelligence Unit (FIU) has uncovered the alarming extent of illegal fishing and logging activities in Fiji, raking in millions of dollars annually.
Illegal Fishing: A Medium-Level Threat
The report reveals that illegal fishing activities are being sold in local markets, with proceeds considered to be of a medium level. This suggests that the illegal fishing industry is not only rampant but also profitable for those involved.
Illegal Logging: A Significant Issue
Illegal logging is another significant issue in Fiji, with no definite estimates of the total proceeds generated from this activity. However, it is likely to be substantial, contributing to the country’s environmental and financial woes.
Environmental Crime: A Major Concern
The FIU report highlights that the total proceeds from environmental crime, including illegal fishing and logging, which may be available for laundering in and through Fiji, is considered significant at over FJ$500,000 but less than FJ$5 million annually. This underscores the need for stricter measures to combat these illicit activities.
Other Criminal Activities
The report also highlights other criminal activities that contribute to money laundering threats in Fiji, including:
- Tax evasion
- Drug-related offenses
- Corruption
- Robbery
- Fraud
- Forgery
Public Urged to Report Illegal Logging Activities
The Ministry of Forestry has called on the public to report illegal logging activities, with Permanent Secretary Pene Baleinabuli stating that there are businesses logging illegally without keeping records. This highlights the need for increased awareness and cooperation in combating environmental crime.
Piracy: A Growing Concern
In related news, a recent court judgment against a local town council for infringing copyright music has highlighted the issue of piracy in Fiji. Movie piracy is widespread, with pirate movie DVDs selling for FJ$3 each in markets and shops found in rural areas.
Implications for Financial Institutions
The FIU report emphasizes that an understanding of money laundering threats can assist financial institutions in their internal risk assessments and monitoring transactions for possible money laundering activities. This underscores the importance of financial institutions being aware of these illicit activities and taking proactive measures to prevent them.
Report Details
The report was coordinated by the FIU and endorsed by the National Anti-Money Laundering Council on March 9, 2021. The published version excludes confidential statistics, highlighting the need for further investigation and action to address the root causes of these illicit activities.