Financial Crime World

Here is the converted article in Markdown format:

Fiji’s Financial Intelligence Unit Sees Significant Increase in Reports and Enquiries

SUVA, FIJI - The Fiji Financial Intelligence Unit (FIU) has released its annual report for 2018, revealing a significant increase in the number of reports and enquiries received by the unit.

Key Highlights

  • Commercial banks and remittance service providers reported over 1.3 million international electronic fund transfer transactions to the FIU, marking a 15% increase from the previous year.
  • The FIU received over 800,000 Border Currency Declarations (BCRs) from travellers entering or leaving Fiji, with the majority of declarations made by outbound travellers.
  • The unit made 446 queries to financial institutions in 2018, seeking further information on suspicious transactions and accounts.

Importance of Financial Intelligence

“Financial intelligence is critical in identifying patterns and links between financial transactions and criminal activities,” said a spokesperson for the FIU. “It helps us develop further intelligence on possible money laundering and terrorist financing activities.”

Data Analysis Tools

The FIU uses advanced data analysis tools, including:

  • Alert and Monitoring System (AMS)
  • Data Mining System (DMS)

These tools help identify suspicious transactions and report them to law enforcement agencies.

Intelligence Reports

The FIU’s intelligence reports are used by law enforcement agencies to investigate predicate crimes, money laundering, and terrorist financing activities. The reports also provide profiling of suspected proceeds of crime, enabling authorities to track the movement of illicit funds.

New Case Management System

The FIU is developing a new case management system that will enable it to better analyze and manage financial intelligence reports. The system is expected to be completed and implemented in 2019.

Conclusion

Overall, the FIU’s annual report highlights its crucial role in combating financial crimes and supporting law enforcement agencies in their efforts to disrupt criminal networks and protect the financial system.