Fiji's anti money laundering effort commended

Fiji’s initiatives for combating money laundering received regional recognition last month for making “substantial progress” in addressing deficiencies identified by the World Bank in 2006.

A delegation from the Fiji Government presented a detailed progress report on Fiji’s Anti-Money Laundering framework at the Annual Plenary Meeting of the Asia Pacific Group on Money Laundering in India last month.

Financial Intelligence Unit Razim Buksh says pressure is now put on countries to ensure global compliance with Anti Money Laundering standards that protect the domestic as well as international financial systems.

Solicitor General Christopher Pryde says restraining and forfeiture provisions, including civil forfeiture provisions, have been tested in Fiji and have resulted in a number of money laundering convictions and forfeiture of criminal assets.

Fiji’s criminal justice system was further strengthened and modernised with the introduction of a new Crimes Decree and the Criminal Procedure Decree.

Progress reports will be provided annually to the APG.

Report by : Edwin Nand

Source: FBC

Fiji Strengthening Fight Against Money Laundering

Fiji is making progressive strides in combating the occurrence of money laundering and financial crimes in the country, having conducted 267 investigations into alleged offences over the course of 2010.

The Financial Intelligence Unit (FIU) of Fiji has released its 2010 Annual Report, which provides information on the results of the country’s efforts into the administration and enforcement of the national Financial Transactions Reporting Act (FTR).

According to the publication, in 2010 the FIU received 629 submissions regarding suspicious financial transactions carried out in Fiji, with 267 of these being forwarded on to law enforcement agencies for further investigation into possible money laundering. FIU investigations during the year have also led to the closure of an unlicensed bank, the revocation of the license of a foreign exchange dealer, and the issuance of several notices to the financial sector warning it against specific offences being carried out in violation of the FTR.

The FIU has been in operation for five years, during which it has handled 2 341 reports of suspicious transactions, 303 585 cash transaction reports, 714 873 international funds transfer reports, and 665 border currency declarations. The Unit now holds a database with information on over 1 million financial transactions. Of all the monitored transactions collected during its operations, 839 reports were disseminated to law enforcement agencies. The Unit has also assisted in 293 financial crimes investigations that were carried out by Fijian authorities.

Razim Buksh, director of the FIU, commented on the published results, saying that the Unit has made commendable progress in implementing the Financial Transactions Reporting Act since its introduction into the legal system in 2007. He added that in 2010 the FIU made great strides in facilitating greater adherence to internationally accepted anti-money laundering initiatives in Fiji. The FIU has also proven to be vital for providing regulatory and practical guidance for the appropriate implementation of Know Your Customer requirements and Customer Due Diligence standards.

Source: Taxation Info News

Fiji: AML council meets first time

THE National Anti-Money Laundering Council will meet for the first time tomorrow since it was established on January 1.

In view of the implementation of the anti money laundering law, the Financial Transactions Reporting (FTR) Act of January 1, 2008, the Government has decided to convene the council's first meeting.

Interim Attorney-General Minister for Justice, Electoral Reform, Public Enterprises and Anti-Corruption Aiyaz Sayed-Khaiyum will officiate. The council was established under section 35 of the FTR Act and is an inter-agency committee whose members include the permanent secretary for Justice as chairperson, director of the Financial Intelligence Unit, Reserve Bank governor, Director of Public Prosecutions, Police Commissioner and the FIRCA chief executive.

The council was formed to combat mainly money laundering and terrorist financing.

http://www.fijitimes.com/story.aspx?id=82324

FIJI: Bank warns on currency regulations

THE Reserve Bank has warned travellers in and out of Fiji to comply with Fiji's new border currency reporting requirements that came into force on January 1.

Anyone leaving or arriving with $10,000 or more in currency or negotiable bearer instruments (or their equivalent in a foreign currency) is required to declare it to the Fiji Islands Revenue and Customs Authority.

Fiji's Financial Intelligence Unit director Razim Buksh said these measures were put in place to further strengthen Fiji's overall efforts to combat money laundering, terrorism financing and other serious criminal activities.

The physical movements and smuggling of currency around the world has been widely practised by criminals in order to launder their ill-gotten, illicit and criminal profits, a statement from the Reserve Bank said.

Source: FIJITIMES, May 17, 2008

Two Charged for Laundering in Fiji

Police have arrested and charged two men of Nadi for allegedly managing to launder $147,000 from a Hotel in Nadi into their accounts, between December last year and end of February this year.

One of the accused a 38 year old Mechanic of Malolo, Nadi is charged with 9 counts of Uttering Forged Documents, 7 counts of receiving Money on Forged Documents and one count of Money Laundering.

The second man a 25 year old Purchasing officer of Nadovi, Nadi has been charged with two counts of Larceny and one count of Money Laundering.

It is alleged that the two along with a Former Accountant of the Hotel fraudulently obtained the Money and brought vehicles, Computers and other valuables.

Police managed to recover two vehicles and some valuable items as proceeds of crime while the hunt still continues for the former accountant.

The two were arrested by the Police strike back team and the Police Money Laundering Unit. The two will appear in the court on 20th of this month.

http://www.amlosphere.com/australia/aml/two-charged-for-laundering-in-fiji.html