FIU deals with $54m in tainted money

May 9, 2022 4:20 pm

Director FIU, Razim Buksh. [File Photo]

The Fiji Financial Intelligence Unit (FIU) reports that it dealt with crimes valued at over $54.7 million in black money and unscrupulous dealings last year.

The 2021 FIU annual report, which was tabled in Parliament today, says it disseminated 418 financial intelligence reports to its partner agencies that involved profiling and monitoring of 952 individuals and 384 business entities.

Director FIU, Razim Buksh says despite many challenges in 2021, the FIU continued to remain robust in ensuring the safety of Fiji’s financial system and that ordinary Fijians and local businesses remained protected from financial crimes.

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As the nation battled COVID, FIU noted an increase in online scams, pyramid scams, the use of mobile money wallets and international debit cards to facilitate various online scams.

Buksh says FIU aims to review key policy initiatives such as decreasing the cash transaction reporting threshold from $10,000 to $5,000, thus creating more volume of financial transactions data for our partner agencies.