Nikhil Aiyush Kumar 
[File Photo]
The National Anti-Money Laundering Council is backing a nationwide ban on virtual asset service providers, warning that cryptocurrencies pose a serious risk to Fiji’s financial system and national security.
Council Chair Selina Kuruleca says the rise of money laundering, terrorist financing, and even the risk of funding weapons programs through virtual assets is alarming.
The Council states that cryptocurrencies allow rapid and anonymous cross-border transactions, making them attractive for criminals and extremist groups.
Kuruleca says Fiji’s ability to properly regulate this fast-changing industry is limited, so prohibition is the safest option for now.
This move aligns with the approach of the Financial Action Task Force, the global body setting anti-money laundering standards.
Kuruleca stresses that the Council’s priority is to protect Fiji’s financial system and people, while still supporting legitimate investment and economic growth.
Stream the best of Fiji on VITI+. Anytime. Anywhere.
