Financial Crime World

Fiji Financial Intelligence Unit: Protecting Fiji from Money Laundering and Terrorist Financing in 2015

The Fiji Financial Intelligence Unit (FIU), established under the Financial Transactions Reporting (FTR) Act, continued its mission to protect Fiji from money laundering and terrorist financing in 2015.

Role and Responsibilities

The FIU’s role is to:

  1. Receive and analyze reported financial transactions.
  2. Develop intelligence.
  3. Refer information to appropriate law enforcement and regulatory agencies.

Key Achievements in 2015

In 2015, the FIU:

  • Analyzed over 1.6 million financial transaction and other reports, including:

    • 516 suspicious transaction reports (STRs), a 35% increase from 2014.
    • 579,849 cash transactions reports (CTRs), a 44.1% decrease from 2014.
    • 1,029,993 electronic funds transfer reports (EFTRs), a 21.3% decrease from 2014.
    • 491 border currency reports (BCRs), a 11.9% decrease from 2014.

  • Provided intelligence to law enforcement agencies through 255 case dissemination reports, compared to 241 reports in 2014.

  • Issued alert notices and directives to financial institutions.

Operational Governance and International Engagement

The FIU:

  • Adopted world-class operating standards as a member of the Egmont Group.
  • Complied with FATF recommendation 29, ensuring information security and operational independence.

Strategic Goals

Key strategic goals for the FIU’s mission include:

  1. Maintaining regional FIU leadership.
  2. Implementing global and best AML/CFT practices.
  3. Adopting a risk-based approach to AML/CFT policies.
  4. Ensuring an effective compliance regime for financial institutions.
  5. Maintaining effective tactical and strategic analysis processes.

Conclusion

The FIU remains a crucial player in Fiji’s efforts to combat money laundering and terrorist financing. By ensuring the financial system’s integrity and protecting the Fijian people, the FIU’s mission is vital in safeguarding Fiji’s economy.