Fiji’s Illegal Fishing and Logging Activities Generate Significant Proceeds
A recent report by the Financial Intelligence Unit (FIU) has shed light on the significant proceeds generated from illegal fishing and logging activities in Fiji.
Illegal Fishing: A Medium-Level Threat
According to the report, illegal fishing activities are being carried out by local fishermen, with some of the proceeds sold in local markets. While there is no exact figure on the total proceeds generated from this activity, it is estimated to be a medium level.
Illegal Logging: A Major Issue for Fiji
The government has implemented strategies to tackle the problem of illegal logging, which is also a major issue for Fiji. The report estimates that the total proceeds from environmental crime, including illegal fishing and logging, may be available for laundering in and through Fiji at over FJ$500,000 but less than FJ$5 million annually.
Other Forms of Money Laundering Threats
The FIU report also highlights other forms of money laundering threats in Fiji, including:
- Piracy and Copyright Offenses: Movie piracy is widespread in the country, with pirate movie DVDs selling for $3 each in local markets. Unauthorized copying, distribution, and selling of music are also common, with proceeds estimated to be between FJ$100,000 to FJ$500,000 per annum.
- Counterfeit Goods: The sale of counterfeit or pirate goods, such as fake mobile phones, electronic goods, and cosmetics, is evident in Fiji, with proceeds estimated to be small, ranging from FJ$100,000 to FJ$500,000 per annum.
Importance of Understanding Money Laundering Threats
The report emphasizes the importance of financial institutions and government agencies understanding money laundering threats to better combat these crimes. The FIU has called on law enforcement agencies to use this information to make policy decisions on allocation of resources and designing mitigation measures to investigate and prosecute these crimes.
Recent Development: Businesses Urged to Pay Royalties for Music Use
In related news, the Fiji Performing Rights Association (FPRA) is urging businesses to pay royalties for playing music in public for commercial purposes, following a landmark judgment against the Lautoka Sugar Festival Association. The festival committee was ordered to pay FJ$11,866.97 plus FJ$2,000 in court fees to FPRA.
Accessing the FIU Report
The FIU report was coordinated by the unit and endorsed by the National Anti-Money Laundering Council on March 9, 2021. The report is available online at www.fijifiu.gov.fj.