Fiji Financial Intelligence Unit Reports Record Number of Cash Transaction Reports in 2018

The Fiji Financial Intelligence Unit (FIU) has released its annual report for 2018, revealing a significant increase in the number of cash transaction reports (CTRs) received from financial institutions.

Increase in CTRs

According to the report, the FIU received a record 968,693 CTRs in 2018, an average of around 81,000 per month. This represents a staggering 55 percent increase compared to the 623,213 CTRs reported in 2017.

Reason for Surge in Reporting

The surge in reporting is largely attributed to a particular financial institution’s decision to report all transactions of $10,000 and above.

Purpose of Cash Transaction Reports

Financial institutions are required by law to report suspicious transactions to the FIU. A suspicious transaction is one that may be related to a serious offence, money laundering, or terrorist financing activities.

FIU’s Intelligence Analysis

The FIU uses its tactical analysis procedures and standard operating manual to analyze all reports and develop intelligence on possible money laundering or other serious offences.

Alert and Monitoring System (AMS)

The unit also utilizes its Alert and Monitoring System (AMS) to monitor all financial transaction reports maintained on its database for identifying suspicious transactions. The AMS proactively identifies suspicious transactions and reports them weekly to FIU analysts for further analysis.

Dissemination of Financial Intelligence

Financial intelligence is disseminated to law enforcement agencies, enabling them to investigate predicate crimes, money laundering, and terrorist financing activities.

Intelligence Reports

The FIU’s intelligence reports also provide profiling of suspected proceeds of crime, helping law enforcement agencies to identify and disrupt criminal networks.

Law Enforcement Agencies Receiving Financial Intelligence

In 2018, the FIU provided financial intelligence to several law enforcement agencies, including the Fiji Police Force and the Attorney-General’s Chambers.

Future Plans

The FIU is developing a STR case management system that will be completed and implemented in 2019. This system will enhance the unit’s ability to manage and analyze suspicious transaction reports.

Conclusion

In conclusion, the FIU’s annual report for 2018 highlights the unit’s critical role in combating financial crime in Fiji. The increase in CTRs received by the FIU demonstrates the importance of effective reporting mechanisms in detecting and disrupting criminal activities.