PACIFIC Island countries like Fiji are susceptible to money laundering and cyber crime.
This is the view of Financial Intelligence Unit director Razim Buksh who told the Proceeds from Crime workshop in Nadi yesterday: "When developed countries tighten their systems and processes and strengthen their laws, criminals are always on the hunt for weaker jurisdictions where they can penetrate the financial system, processes and easily commit fraud." He said because of the internet, fraudsters could easily transfer illegally-gotten gains through internet banking to any part of the world untraced if systems were not set up to monitor such activity. "Financial transactions do not know boundaries. They can be conducted at one location and sent across the globe, therefore if our framework is weak here in Fiji, it will make it easier for criminals to penetrate our system. The Financial Transactions Reporting Act provides a good opportunity for us to implement the various measures that we have undertaken," he said.