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Fiji Financial Intelligence Unit Unveils Annual Report: Efforts to Combat Money Laundering and Terrorist Financing

Introduction

The Fiji Financial Intelligence Unit (FIU) has released its annual report for 2018, showcasing the unit’s efforts to combat money laundering and terrorist financing in the country. The report highlights the FIU’s work in preventing the misuse of financial systems by criminal networks.

Enhanced Reporting Requirements

According to the report, commercial banks and remittance service providers are now required to report all international electronic fund transfer transactions to the FIU, with no monetary threshold. This move aims to prevent criminal networks from misusing financial systems.

Border Currency Declarations

The report also revealed that travelers entering or leaving Fiji must declare if they carry currency or negotiable bearer instruments worth $10,000 or more. In 2018, a total of 969 border currency declarations were made, with:

  • 434 declarations made by inbound travelers
  • 535 declarations made by outbound travelers

Analysis and Intelligence Gathering

The FIU received over 11,000 suspicious transaction reports (STRs) in 2018, which it analyzed using its tactical analysis procedures to identify possible money laundering or other serious offenses. The unit also used its Alert and Monitoring System (AMS) and Data Mining System (DMS) to analyze financial transactions and identify suspicious activities.

Queries and Intelligence Dissemination

In addition, the FIU made 446 queries to financial institutions in 2018, with:

  • Commercial banks receiving 86% of the queries
  • Other financial institutions receiving 14%

The queries were aimed at developing further intelligence on information already provided on the STRs. The FIU also disseminated financial intelligence to law enforcement agencies to help investigate predicate crimes, money laundering, and terrorist financing activities.

Director’s Statement

“The FIU plays a critical role in preventing and combating money laundering and terrorist financing in Fiji,” said [Name], Director of the FIU. “We are committed to working closely with our partners in the financial sector and law enforcement agencies to ensure that our financial systems remain secure and integrity.”

Plans for 2019

The report also highlighted the unit’s plans for 2019, including:

  • The development of a STR case management system
  • Further enhancements to its AMS and DMS systems

Conclusion

The FIU’s annual report provides a comprehensive overview of the unit’s efforts to combat money laundering and terrorist financing in Fiji. The report highlights the importance of financial intelligence in preventing criminal activities and ensures that the country’s financial sector remains secure and integrity.