Suspicious Transactions Spark Fears of Financial Crime in Fiji
Surge in Suspicious Activity Revealed in FIU’s Annual Report
The Fiji Financial Intelligence Unit (FIU) has released its annual report for 2015, revealing a significant increase in suspicious transactions and alerts issued to financial institutions. The report highlights the importance of anti-money laundering regulations in Fiji and the need for continued vigilance against financial crime.
Suspicious Transactions Reveal Possible Violations
According to the report, a total of 318 Case Dissemination Reports (CDRs) were received by the FIU from various law enforcement agencies between 2011 and 2015. The reports highlighted possible violations under various laws, including income tax, customs, and immigration acts.
Alert Notices Issued to Financial Institutions
In 2015 alone, the FIU issued seven Alert Notices to financial institutions, warning them of suspicious activity linked to advance fee fraud. These notices involved 41 individuals and one entity, and were disseminated internally with caution due to their sensitive nature.
Directives Issued to Ensure Compliance
The report also revealed that the FIU issued 11 directives to financial institutions in 2015, requiring them to take additional steps to ensure compliance with anti-money laundering regulations. These directives included:
- Enhanced customer due diligence
- Establishing source of funds
- Identifying third-party transactions
Importance of Anti-Money Laundering Regulations
“We take these reports very seriously,” said a spokesperson for the FIU. “Our role is to protect the financial system from being used by criminals, and we work closely with law enforcement agencies to ensure that this happens.”
The report highlighted several instances of suspicious activity in 2015, including attempts to exchange large quantities of demonetized foreign currency in Fiji and stolen foreign currency from a local residence.
Vigilance Needed Against Financial Crime
“These reports show that criminal activity is not limited to any one area or industry,” said the spokesperson. “We urge financial institutions to remain vigilant and take necessary steps to prevent money laundering and terrorist financing.”
Key Statistics:
- 318 CDRs received by the FIU between 2011 and 2015
- 7 Alert Notices issued to financial institutions in 2015
- 41 individuals and one entity involved in suspicious activity
- 11 directives issued to financial institutions in 2015
- 13 May: Most alert notices related to possible advance fee fraud