Financial Crime World

Fiji’s Financial Intelligence Unit Commended for Anti-Terrorism Efforts

Parliament Recognizes Outstanding Performance

Suva, Fiji - The Fiji Parliament has commended the country’s Financial Intelligence Unit (FIU) for its efforts in preventing and detecting money laundering and terrorist financial activities.

Key Achievements

  • Prevented the use of Fiji’s financial system from being used for illegal activities
  • Conducted periodic strategic analysis and provided intelligence reports to law enforcement agencies for investigation and prosecution of financial crimes
  • Launched a Case Management System, an online central database for all suspicious transaction reports and analysis, in 2019
  • Strengthened engagement with designated non-financial businesses and professions, as well as other industry stakeholders and enforcement authorities

Training and Capacity Building

  • Provided training to financial institutions, law firms, and other organizations to enhance their understanding of anti-money laundering and combating the financing of terrorism (AML/CFT) regulations

Case Dissemination Reports

  • Significant increase in case dissemination reports from 84 in 2019 to 270 in 2020

Recommendations for Improvement

  • Explore further options to forge a stronger commitment with law enforcement agencies in terms of receiving regular feedbacks on cases referred by the unit

Mutual Evaluation Report and Compliance Ratings

  • Fiji’s Mutual Evaluation Report (MER) was tabled at the 2016 Asia-Pacific Group on Money Laundering (APG) Annual Meeting, which identified key gaps and deficiencies for Fiji to address
  • APG has upgraded Fiji’s compliance ratings for 17 Financial Action Task Force (FATF) Recommendations to “largely compliant” or “compliant”

Strategic Plan

  • Finalized the 2020-2024 Strategic Plan, focusing on financial intelligence, preventative measures, technology-driven processes, partnerships, and people
  • Aims to strengthen the unit’s commitment towards achieving Sustainable Development Goal (SDG) 16 and 17

Conclusion

The committee commended the overall performance of the FIU and recognized its critical role in protecting the integrity of Fiji’s national financial frameworks and systems from money laundering and related crimes.