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Suspicious Transactions Alert in Fiji: A Rise in Red Flags in 2015 and Prior Years
The Fiji Financial Intelligence Unit (FIU) has released its annual report for 2015, revealing a significant surge in suspicious transactions reported to the unit. The report highlights a notable increase in cases of possible advance fee fraud, money laundering, and other financial crimes.
Rise in Suspicious Transactions Reports
According to the report, the FIU received a total of 318 Case Dissemination Reports (CDRs) from law enforcement agencies between 2011 and 2015. This represents a substantial rise from previous years, with the highest number of reports received in 2015, totaling 255.
The CDRs highlighted possible violations under various acts, including:
- The Proceeds of Crime Act
- Income Tax Act
- VAT Decree
- Customs Act
- Immigration Act
The FIU also received information on transnational crime units, foreign individuals, and business entities suspected to be involved in criminal activities.
Alert Notices Issued by the FIU
In addition to the CDRs, the FIU issued seven Alert Notices to financial institutions in 2015, warning them of possible advance fee fraud and other suspicious transactions. These notices were issued to commercial banks and money remittance service providers, requiring them to take enhanced due diligence measures on customers and report any suspicious activity.
The directives issued by the FIU included requirements for financial institutions to:
- Undertake enhanced customer due diligence
- Establish source of funds
- Ascertain the ultimate destination of transactions
- Identify third-party transactions
- Seek approval from the FIU before proceeding with certain transactions
Highlights of the Report
The reports also highlighted a significant number of cases involving stolen foreign currency, including instances where individuals attempted to exchange large quantities of demonetised foreign currency in Fiji.
Conclusion
The rise in suspicious transactions and reports highlights the importance of financial intelligence in combating financial crimes. The FIU’s efforts to disseminate information to law enforcement agencies and financial institutions have contributed to a significant increase in cases being investigated and prosecuted.
The report serves as a warning to individuals and businesses involved in illegal activities that their actions are being monitored closely, and those found guilty will face severe consequences.