Fiji Financial Intelligence Unit Uncovers Sophisticated Fraud Schemes
The Fiji Financial Intelligence Unit (FIU) has recently published a report highlighting a series of advanced fee fraud schemes and money laundering activities that have been uncovered in the country.
Advanced Fee Fraud Schemes Uncovered
According to the FIU’s Strategic Analysis Report 2016, a total of 27 individual accounts were compromised through fraudulent transfers, resulting in losses of $19,070. The report reveals that several individuals from Malaysia and South Africa were involved in the scheme, with one individual allegedly withdrawing $5,000 from Bank A.
Money Laundering Activities Uncovered
The report also highlights a case where two individuals, Person K and Person L, attempted to layer funds by opening a bank account for Company J, which was incorporated in the Republic of Seychelles. The duo claimed that they were expecting a transfer of 29 million EUROs from another entity based in Switzerland.
Additionally, the report uncovered a case where a 53-year-old Asian businessman, Person N, allegedly falsified airline tickets to obtain financial gain. He and his associate, Person V, were charged with general dishonesty and remanded by the Magistrates Court.
Investigation into Housewife’s Transactions
Furthermore, the FIU investigated a case involving a 53-year-old housewife, Person M, who sent large telegraphic transfers from her bank account in Australia to her local bank account in Fiji. The investigation revealed that she may have been layering funds originating from Country P.
Indicators of Money Laundering and Fraud
The FIU’s report identifies several indicators of money laundering and fraud, including:
- The use of accountants as gatekeepers
- Unclear occupation of investors
- Generation of fake documents
Response to the Report
“We take these cases seriously and will continue to work with our international partners to combat financial crime,” said a spokesperson for the FIU. “We urge all individuals and businesses to be vigilant and report any suspicious transactions or activities to us.”
The FIU has disseminated reports to relevant foreign financial intelligence units (FIUs) for further profiling and investigation.
Timeline
- 20/11/2015 - 07/03/2016: Advanced fee fraud scheme
- 05/02/2016: Attempted layering of funds by Person K and Person L
- July 2016: Falsification of airline tickets by Person N
- Ongoing investigation into Person M’s alleged money laundering activities