Fiji’s Financial Crime Risk Management Remains a Concern

A recent report by the international community has highlighted concerns over Fiji’s ability to effectively manage financial crime risk. The report assesses Fiji’s compliance with global standards for anti-money laundering and combating the financing of terrorism (AML/CFT).

Key Findings

• Fiji received ratings of ’largely compliant’ or ‘partially compliant’ on several key aspects of AML/CFT regulation.
• Areas such as confiscation and provisional measures, terrorist financing offence, and correspondent banking received ratings of ‘compliant’.

Assessment of Risk and Application of a Risk-Based Approach

Fiji’s regulatory framework for anti-money laundering and combating the financing of terrorism is still evolving. The report highlights weaknesses in the country’s ability to:

• Share information with international partners
• Effectively track and seize assets linked to financial crime

Recommendations

The report recommends that Fiji take further steps to:

• Strengthen its regulatory framework for AML/CFT
• Enhance international cooperation
• Improve its ability to track and seize assets linked to financial crime

Call to Action

Fiji’s central bank and other regulators have been working to address these concerns, but more needs to be done to ensure that the country is meeting its AML/CFT obligations.

Accessing the Full Report

The full report can be accessed on the website of the international organization responsible for issuing it.