Financial Crime World

Fiji’s Financial Intelligence Unit Uncovers Money Laundering Schemes in 2018

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Significant Increase in Money Laundering and Other Serious Offences

The Fiji Financial Intelligence Unit (FIU) has released its annual report for 2018, revealing a significant increase in money laundering and other serious offences. According to the report, commercial banks and remittance service providers reported over 1.3 million electronic fund transfer transactions to the FIU, with no monetary threshold for such reports.

Key Findings

  • Commercial banks and remittance service providers reported 1.3 million electronic fund transfer transactions, a 12% increase from the previous year.
  • Travelers declared currency or negotiable bearer instruments worth over $10,000, with the majority coming from outbound travelers (969 declarations).
  • The FIU received 557 queries from financial institutions, including requests for customer transaction history, identification details, and account information.

Strategic Analysis and Intelligence Development

The report highlights the importance of strategic analysis and intelligence development in identifying money laundering schemes. The FIU uses tactical analysis procedures to analyze all reports received, including those from members of the public. Additionally, the unit utilizes its Alert and Monitoring System (AMS) and Data Mining System (DMS) to identify links, relationships, and patterns of suspicious financial activities.

Suspicious Transaction Report Case Management System

The FIU is developing a Suspicious Transaction Report (STR) case management system, which is expected to be completed in 2019. The system will enable the unit to more effectively manage and analyze STRs, leading to better identification of money laundering schemes.

Financial Intelligence Dissemination

The dissemination of financial intelligence to law enforcement agencies is a core function of the FIU. The unit’s reports provide critical information enabling investigators to target predicate crimes, money laundering, and terrorist financing activities.

Conclusion

The Fiji FIU’s annual report highlights its commitment to combating financial crime and promoting transparency in the country’s financial system. The report demonstrates the importance of strategic analysis, intelligence development, and financial intelligence dissemination in identifying and preventing money laundering schemes.