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
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