Financial Crime World

Pacific Financial Intelligence Community Unites to Combat Serious Crimes

The annual Pacific Financial Intelligence Community (PFIC) Plenary, held in Rarotonga, Cook Islands, has taken a significant step forward in regional partnership against financial crimes. Top officials from 13 Pacific Island countries gathered to bolster cooperation and strengthen collective efforts in combating serious financial crimes.

Regional Partnership Against Financial Crimes

The three-day conference was co-hosted by Australia’s AUSTRAC and the Cook Islands’ Financial Intelligence Unit (CIFIU). It provided a platform for the Financial Intelligence Units (FIUs) to explore new initiatives, including joint operations, capacity-building activities, and regional technological enhancements. This year’s meeting marked the second in-person plenary of PFIC.

Key Outcomes

  • The members agreed on a Regional National Risk Assessment (NRRA) model that can be applied across all Pacific Island countries.
  • The NRRA would enable a more coordinated approach to identifying and mitigating financial crime risks in the region.
  • The members signed the “PFIC Collaboration and Information Sharing: Statement of Intent,” marking their commitment to work together as partners through the sharing of intelligence, joint analysis, and collaborative initiatives.

Capacity Building Initiatives

The capacity-building initiatives include rolling out Taipan, a new data analytics system from AUSTRAC, to all PFIC members. This system will enable financial intelligence analysts to detect suspicious patterns related to criminal activities. The creation of a community of practice through the Taipan User Group is also being explored.

Focus Areas for Next Year

The focus areas for PFIC next year comprise:

  • Transnational serious organized crime
  • Narcotics trafficking
  • Child sexual abuse and exploitation
  • Corruption
  • Politically exposed persons

Conclusion

The meeting has strengthened regional partnerships and set the stage for more effective cooperation against serious financial crimes in the Cook Islands and across the Pacific. The next plenary is scheduled to take place in Australia.