Financial Crime World

Fiji Financial Intelligence Unit Maintains Operational Independence

The Fiji Financial Intelligence Unit (FIU) has reaffirmed its commitment to preserving operational independence and autonomy in its latest annual report.

Administrative Dependence vs. Technical Independence

According to the report, while the FIU is administratively dependent on the Reserve Bank of Fiji (RBF), its technical and core functions remain independent of the RBF. The Director of the FIU is responsible for making decisions related to the delivery of its core outputs and is accountable to the Minister (Governor of the RBF under delegation of authority).

Ensuring Independence

To maintain its independence, the FIU has implemented several measures:

  • A separate legislation governing its operations
  • A corporate logo indicating its status as an independent government agency
  • A website to publish public information

International Cooperation and Access to Information

The report highlights the FIU’s membership in the Egmont Group of global financial intelligence units, which enables secure exchange of information with other member countries. The FIU also has access to the Egmont Secure Web (ESW), a platform for sharing sensitive information.

Resources and Expenditure

In 2020, the RBF funded the operations of the FIU, with a total expenditure of $801,000 compared to $878,000 in 2019. The FIU’s expenditure is incorporated into the financial statements of the RBF and is audited as part of its annual accounts.

Information Security and Confidentiality

The report notes that the FIU has taken steps to ensure the security and confidentiality of information received, processed, held or disseminated by the unit, including:

  • Procedures for handling, storage, dissemination, and protection of sensitive and confidential information
  • Measures to prevent unauthorized access, use, disclosure, modification, or destruction of information

Conclusion

In conclusion, the Fiji Financial Intelligence Unit remains committed to maintaining its operational independence and autonomy in order to effectively carry out its mandate to combat money laundering and terrorism financing.