Financial Crime World

Illegal Fishing and Logging Activities Thriving in Fiji Markets

Estimated Annual Laundered Proceeds Reach FJ$500,000 to FJ$5 Million

Suva, Fiji - The illegal fishing and logging activities in Fiji are believed to be generating significant proceeds, with estimates suggesting that over FJ$500,000 but less than FJ$5 million is laundered annually.

Logging Industry’s Revenue Hike Raises Concerns

The Ministry of Forestry has reported that between 70-80% of revenue earned from logging does not reach resource owners or the government, indicating a high level of illegal activity. The ministry has called on the public to report any illegal logging activities.

Environmental Crime: A Serious Concern for Fiji’s Natural Resources and Ecosystems

The issue of environmental crime, which includes illegal fishing and logging, is considered a serious concern by the government. In addition to the financial losses, it also poses a threat to Fiji’s natural resources and ecosystems.

Other Money Laundering Threats in Fiji

According to the Financial Intelligence Unit (FIU), other money laundering threats in Fiji include:

  • Movie Piracy: Pirate DVD shops are common in rural areas.
  • Music Piracy: Unauthorized copying, distribution, and selling of music is a major concern.
  • Counterfeiting of Goods: Counterfeiting of products such as mobile phones, electronic items, cosmetics, clothes, shoes, and chemicals is another issue.

Government Agencies and Financial Institutions Take Note

The FIU’s report aims to help law enforcement agencies make informed policy decisions on resource allocation and designing mitigation measures to investigate and prosecute these crimes. Financial institutions, including legal practitioners, accountants, and real estate agents, can also use the information to conduct internal money laundering risk assessments of clients, products, and services.

Call to Action

The FIU urges financial institutions to be vigilant in monitoring transactions and business relationships for possible money laundering activities, using their understanding of the criminal activities that contribute to money laundering threats in Fiji.