The estimated value of transactions suspected to be tainted and linked to predicate criminal offences and tax evasion in Fiji was $252 million in 2022 according to the Fiji Financial Intelligence Unit.
The Director of FIU, Razim Buksh says in 2022, the FIU continued to collect suspicious transactions and activities reports, analyse and further investigate and profile financial transactions, persons and assets and disseminate intelligence to relevant law enforcement authorities for investigation and prosecution of money laundering and other predicate crimes.
Buksh says in 2022 the FIU disseminated 519 financial intelligence reports to its partner law enforcement agencies that involved profiling and monitoring of 1,597 individuals and 276 entities.
The Fiji Police Force, FICAC and FRCS are the key agencies that utilize and depend on the FIU’s financial intelligence.
Buksh says the FIU currently has a data-set of about 26 million financial transaction records in its database that enables the FIU to monitor and profile individuals and businesses, and generate valuable, high quality financial intelligence to support domestic and foreign partners in their investigations.
In 2022, the Financial Transactions Reporting Act was amended to revise the cash transaction reporting requirements and introduce a new $5,000 threshold transaction reporting for the commercial banks.
These amendments further strengthens the data collected by the FIU. Buksh states that the FIU’s IT capability was further strengthened in 2022 with the roll-out of the “Taipan” project with the assistance of the Australian Government and AUSTRAC, the Australian FIU.
During 2022, there was growing interest in the acquisition of cryptocurrency by members of the public.
There were also indications of scams being committed related to acquisition of cryptocurrencies and other virtual assets.
Under the current Exchange Control Act, the acquisition of or investment in cryptocurrency by Fiji residents is prohibited.
The FIU is also developing a guideline to support the use of digital systems by financial institutions in Fiji for the purpose of opening bank accounts and when customers apply for a financial product or service.
The latest report reflects the important role the FIU plays in the fight against money laundering and terrorist financing in Fiji.
Meanwhile the Financial Intelligence Unit has also reported a matter to FICAC to examine the case of a politically exposed person for possible unexplained wealth as a result of corruption and bribery.
The Unit has identified the person as only Mr. R and says he was brought to their attention for receiving large cash deposits from various individuals and entities in Fiji.
They say their analysis revealed that from 2017 to 2022, Mr. R received close to $1 million in large cash deposits from various entities and foreigners in Fiji.
The Unit says further analysis showed that Mr. R received remittances totalling half a million dollars from 2019 to 2022.
They say these remittances were received from various individuals and entities in Countries A, B, C and D and most of the remittances – approximately $370,000.00 – were received from Country A.
The Unit further says open source searches showed that Mr. R had travelled to Country A in his capacity as a politically exposed person and met with numerous government officials in Country A.
They say indicators that a crime has been committed include cash deposits apart from salary, large cheque withdrawals and large remittance from offshore.
Possible offences include unexplained wealth, corruption, bribery, possible tax related offences or tax evasion.
Questions have been sent to FICAC. They are yet to respond.
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