Financial Crime World

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Fiji Financial Intelligence Unit Reports Increase in Money Laundering and Terrorist Financing Activities

Significant Increase in Reports of Suspicious Transactions

SUVA, Fiji - The Fiji Financial Intelligence Unit (FIU) has reported a significant increase in money laundering and terrorist financing activities in the country, according to its annual report for 2018.

Over 800,000 Reports Received by FIU

The FIU received over 800,000 reports from commercial banks and remittance service providers last year, representing a significant increase from the previous year’s total of around 600,000 reports. The majority of these reports were generated by commercial banks, which are required under law to report all international electronic fund transfers.

In addition to analyzing these reports, the FIU conducted over 446 queries with financial institutions last year, seeking further information on transactions that may be related to money laundering or terrorist financing activities. These queries were aimed at developing further intelligence on suspicious transactions and identifying potential criminals.

The FIU’s analysis of these reports and queries revealed a number of trends and patterns in money laundering and terrorist financing activities in Fiji, including:

  • A significant increase in the use of cash-based transactions, which are often used to launder criminal proceeds.
  • An increase in the number of travelers declaring large amounts of currency or negotiable bearer instruments when entering or leaving the country.

Commitment to Combating Money Laundering and Terrorist Financing

Despite these challenges, the FIU remains committed to its mission of combating money laundering and terrorist financing in Fiji. The agency continues to work closely with law enforcement agencies and other financial institutions to share intelligence and disrupt criminal activity.

Quote from Director of FIU

“The FIU plays a critical role in protecting Fiji’s financial system from money laundering and terrorist financing,” said [Name], Director of the FIU. “We are committed to using our expertise and resources to identify and disrupt these activities, and we will continue to work closely with our partners to achieve this goal.”

Availability of Annual Report

The FIU’s annual report is available online at [website URL].