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Suspicious money laundering

Filipe Naigulevu
Tuesday, March 06, 2018

A TOTAL of 745 suspicious transaction reports (STRs) from various financial institutions and designated non-financial businesses and professions (DNFBPs) during the ending July 2017 were registered for suspected money laundering.

The Reserve Bank of Fiji August 2016-July 2017 Annual Report stated that majority of STRs received by the Fiji Financial Intelligence Unit (FIU) were from commercial banks.

Financial institutions and DNFBPs are required under the FTR Act to report to the FIU any transaction (or attempted transaction) suspected to relate to money laundering, terrorist financing or other serious offences.

The report noted that the FIU referred 234 STR case reports to relevant law enforcement agencies for further investigation of possible money laundering and other serious offences.

The FIU also received 616,191 cash transaction reports (CTRs) and 1,216,835 international electronic fund transfers reports (EFTRs) during the FY 2016-2017.

Financial institutions are also required under the FTR Act to report to the FIU all cash transactions of $10,000 and above, and all international electronic fund transfers.

The FIU alsp received 709 border currency reports during the year ending July 2017.

These reports, according to RBF, were analysed for possible currency smuggling, money laundering and related criminal offences.

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