Independent and Autonomous: Fiji’s Financial Intelligence Unit Secures Funding and Resources

Suva, Fiji - The Financial Intelligence Unit (FIU) of Fiji has reaffirmed its commitment to independence and operational autonomy in its latest annual report.

Operational Autonomy

Despite being administratively dependent on the Reserve Bank of Fiji (RBF), the FIU enjoys technical and core functional independence, ensuring it can carry out its duties free from undue influence. This is crucial for maintaining the integrity of financial transactions reporting in Fiji.

Core Outputs and Accountability

The FIU is responsible for delivering its core outputs under Part 4 of the Financial Transactions Reporting Act (FTR Act). The Director of the FIU is accountable to the Minister (Governor of RBF) and subject to the recommendation of the National Anti-Money Laundering Council. This ensures that no external parties can compromise the FIU’s decision-making processes.

Organizational Independence

The FIU has implemented various measures to maintain its organizational independence, including:

A separate legislation
Corporate logo
Website
Strategic plan
Annual workplan and budget
IT resources
Networking with international partners
Access to the Egmont Secure Web (ESW)

Funding and Resources

In 2020, the RBF provided funding for the FIU’s operations, which totalled $801,000. The expenditure is incorporated into the financial statements of the RBF and audited annually.

Staff Training and Programs

The FIU has also maintained its staff training programs, case management system, communication processes, and database for receiving, storing, and analyzing financial transaction reports from financial institutions.

Conclusion

In conclusion, the FIU’s commitment to independence and operational autonomy has been reaffirmed through its annual report. The unit remains dedicated to fulfilling its role in combating money laundering and terrorism financing in Fiji.