Title: National Anti-Money Laundering Council Expresses Alarm Over Surge in Financial Crimes in Fiji
Fiji’s NAMLC Discusses Strategies to Combat Money Laundering and Financial Crimes
Fiji’s National Anti-Money Laundering Council (NAMLC) has raised concerns over the increasing trend of financially-motivated crimes in the country. Members of the council, which includes representatives from various government agencies and financial institutions, agreed on strategies to strengthen legal and institutional measures to combat money laundering and financial crimes in Fiji.
Key Points:
- Significant concerns over financially motivated crimes in Fiji
- Discussion on strategies to combat money laundering and financial crimes
- Call for greater cooperation and vigilance from all Fijians
Increasing Trend of Financial Crimes in Fiji
The Council’s statement acknowledged the threat money laundering and financial crimes pose to the country’s economy and society. Recent reports suggest that the nature and number of such crimes in Fiji are of great concern, ranging from fraudulent activities to illicit trade and tax evasion.
Strategies to Address Financial Crimes
During the meeting, council members discussed various measures to address the issue, including:
- Enhancing awareness campaigns
- Improving regulations
- Promoting greater cooperation between stakeholders
Call for Vigilance and Cooperation
NAMLC urged all Fijians to be vigilant and report any suspicious activities to the relevant authorities. Every piece of information could help in the fight against financial crimes.
Background
Money laundering has been a perennial problem in Fiji, with the country being identified by the Financial Action Task Force (FATF) as having a moderate level of money laundering and terrorist financing risks. Recent reports suggest that these risks may be on the rise.
Global Trend
The surge in financial crimes in Fiji follows a trend seen in many countries around the world, where the digitalization of financial transactions and increasing global interconnectivity have made it easier for criminals to engage in illicit activities.
Fijian Government’s Response
The Fijian government has promised to beef up its fight against financial crimes, with plans to introduce new legislation and strengthen existing regulations.
United Nations International Day for the Fight against Financial Crimes
The Council’s warning comes as the global community marks the United Nations International Day for the Fight against Financial Crimes on February 25. The day is aimed at raising awareness of the devastating impact of financial crimes and promoting international cooperation in the fight against these crimes.