FIU investigated $127m suspected tainted funds
June 2, 2021 1:45 pm
FIU Director, Razim Buksh
The Financial Intelligence Unit in 2020 disseminated intelligence reports involving $127m suspected to be tainted funds.
According to the FIU, these funds have potential links to money laundering, corruption, tax evasion and related offences.
The figure was derived from 270 intelligence reports given to the Fiji Police Force, the Fiji Independent Commission Against Corruption and the Fiji Revenue and Customs Service.
FIU Director, Razim Buksh says with over 19 million financial transaction reports received from financial institutions and other businesses since 2006, they continue to provide considerable support to various Fijian and foreign law enforcement agencies.
In the last five years, the FIU has disseminated 1,318 case reports involving $711 million and has profiled several thousand individuals and entities for possible financial criminal activities in Fiji.
The FIU also provided 127 investigative assistance to these agencies on ongoing cases involving 329 individuals and 45 entities.
The FIU also conducted 70 background checks on 114 individuals and 90 entities.
Buksh says the FIU noted a new typology on COVID-19 related online scams in 2020, together with an escalation of cybercrime cases and illegal pyramid schemes that targeted several Fijians.
On preventative measures, Buksh says the FIU has strengthened its engagement with the financial institutions and other industry stakeholders through new policies, onsite compliance examinations and training.
He adds this led to more quality reporting and the effective implementation of FIU enforcement capabilities.