Fiji FIU Uncovers Web of Financial Fraud
Recent Report Reveals String of Alleged Financial Frauds
A recent report by the Fiji Financial Intelligence Unit (FIU) has uncovered a web of financial fraud, including internet banking fraud, fake airline tickets, and layering of funds. The Strategic Analysis Report 2016 highlights several cases that demonstrate the need for vigilance in detecting and preventing financial fraud.
Case 1: Attempted Layering Activities
One of the most significant cases involved individuals Person K and Person L, who attempted to open a bank account with a local commercial bank in Fiji. They claimed they were expecting a transfer of €29 million from a company based in Switzerland, but the bank closed the account due to insufficient documentation.
- The FIU has since issued a case report to a foreign FIU for possible attempted layering activities by the individuals and associated entities.
- The alleged offenses include money laundering and fraud, with indicators including the use of an accountant as a gatekeeper and unclear occupation of investors.
Case 2: Falsified Airline Tickets
Another case involved a 53-year-old Asian businessman, Person N, who allegedly falsified airline tickets to obtain financial gain from a local commercial bank. Person N was charged with general dishonesty and remanded by the Magistrates Court.
Case 3: Suspected Fund Layering
The FIU also investigated a former Fiji citizen, Person M, who sent large telegraphic transfers from her bank account in Australia to her local bank account in Fiji. The transfers totaled FJ$2 million, which she then withdrew and deposited into another bank account. The FIU suspects that Person M may be layering funds originating from offshore.
Timeline
- November 20, 2015 - March 7, 2016: Internet banking fraud at Bank A
- January 27, 2016 - February 8, 2016: Investigation into Person K and Person L’s attempt to open a bank account
Individuals Involved
- Person K: Foreign national reported as one of the directors of Company J
- Person L: Foreign national reported as one of the directors of Company J
- Person N: 53-year-old Asian businessman accused of falsifying airline tickets
- Person M: Former Fiji citizen accused of layering funds
Companies Involved
- Company J: Incorporated and registered in the Republic of Seychelles
- Company R: Based in Switzerland
- Bank A: Local commercial bank in Fiji
- Bank D: Local commercial bank in Fiji
- Bank E: Local commercial bank in Fiji
The FIU has emphasized the need for vigilance in detecting and preventing financial fraud, stating that it will continue to work closely with law enforcement agencies and other stakeholders to combat financial crime and protect the integrity of our financial system.