Fiji’s Efforts to Prevent Terrorist Financing Receive Mixed Ratings

A recent report has evaluated Fiji’s efforts to prevent terrorist financing, finding that while there have been improvements in some areas, others still require attention.

Partial Compliance in Key Areas

The report, which assesses Fiji’s compliance with the Financial Action Task Force (FATF) Recommendations, found that the country is partially compliant in several key areas, including:

• Confiscation and provisional measures related to terrorist financing
• Targeted financial sanctions related to terrorism and terrorist financing
• Regulation and supervision of financial institutions

Areas of Strength

However, Fiji was found to be largely compliant in other areas, such as:

• Assessing risk and applying a risk-based approach
• National cooperation and coordination
• Customer due diligence
• Regulating and supervising non-profit organizations
• Implementing measures to prevent the misuse of new technologies

Areas for Improvement

Despite these positive findings, there are still several areas where Fiji needs to improve, including:

• Strengthening laws related to terrorist financing
• Improving cooperation with foreign countries
• Increasing transparency and beneficial ownership of legal persons and arrangements

Commitment to Improvement

Fiji’s authorities have committed to addressing these gaps and improving their overall compliance with the FATF Recommendations. The report’s findings are intended to help Fiji strengthen its financial system and prevent the misuse of its financial institutions for terrorist financing purposes.

Overall, while there is still work to be done, Fiji’s efforts to prevent terrorist financing demonstrate a commitment to combating this threat and protecting its financial system.