Financial Crime World

Fiji Financial Intelligence Unit Uncovers Advanced Fee Fraud Scheme

The Fiji Financial Intelligence Unit (FIU) has released a strategic analysis report highlighting several cases of advanced fee fraud and money laundering schemes that were detected in 2016.

Detection and Investigation

According to the report, individuals and entities from Malaysia, South Africa, Canada, and other countries were involved in these fraudulent activities. The FIU received reports of numerous transactions involving large sums of money being transferred between accounts, often with suspicious and unclear financial motives.

Notable Cases

  • A Malaysian individual allegedly defrauded 27 victims out of $19,070 by transferring funds from their accounts to his own account.
  • An Asian businessman used fake airline tickets to obtain financial gain from a local commercial bank.

Facilitating Fraudulent Activities

The report also highlights instances of individuals using gatekeepers, such as accounting firms and lawyers, to facilitate fraudulent activities. For example: + Two foreign nationals engaged a local accounting firm in Fiji to assist with opening a bank account for their company, only to have the account closed due to insufficient documentation. + Individuals may be using their occupations as a cover for illegal activities, such as one individual reported to be engaged in domestic duties who sent large telegraphic transfers from her bank account in Australia to her local bank account in Fiji.

Law Enforcement and Cooperation

The FIU has issued case reports to foreign financial intelligence units and law enforcement agencies for further investigation into these alleged fraudulent activities. The possible offenses identified include money laundering, fraud, and general dishonesty.

Conclusion

The FIU’s strategic analysis report highlights the importance of continued vigilance and cooperation between financial institutions, law enforcement agencies, and foreign financial intelligence units to combat advanced fee fraud and money laundering schemes.