Fiji’s Dirty Money: Illegal Fishing and Logging Activities Generate Significant Proceeds
Introduction
A recent report by the Financial Intelligence Unit (FIU) has revealed that illegal fishing and logging activities in Fiji are generating significant proceeds, which are then laundered through the country’s financial system.
The Problem of Illegal Fishing and Logging
The FIU report found that:
- Illegal fishing activities by local fishermen are sold in local markets, generating medium-level proceeds.
- Illegal logging is a serious problem for the Government, with no definitive estimates of the total proceeds generated from illegal logging and laundered in Fiji. However, it is likely that this sum is significant.
Other Money Laundering Threats in Fiji
The report also highlighted other money laundering threats in Fiji, including:
- Tax evasion
- Drug-related offences
- Corruption and bribery
- Robbery and theft
- Fraud and forgery
- Cybercrime
- Environmental crime
- Human trafficking
- Piracy
- Copyright offences
These crimes generate a range of proceeds, from small to significant amounts, which can be laundered through the country’s financial system.
Recommendations
The FIU has called on:
- Law enforcement agencies to use this information to make policy decisions on allocating resources and designing mitigation measures to investigate and prosecute these crimes.
- Financial institutions, including legal practitioners, accountants, and real estate agents, to use their understanding of money laundering threats to assess the risk posed by clients, products, and services.
Conclusion
The report highlights the need for increased vigilance and cooperation between law enforcement agencies, financial institutions, and other stakeholders to combat money laundering and prevent its proceeds from being laundered through Fiji’s financial system.