FIU, one stop shop for law enforcement agencies: Buksh
February 26, 2019 1:37 pm
The Financial Intelligence Unit has become a one stop shop for critical information to combat money laundering.
FIU Director – Razim Buksh says that the unit has access to several government databases to enable them to compile their reports which are then sent to the relevant enforcement agency for action.
In 2016, the FIU sent Fiji Police information on cybercrimes worth more than $60 million, in 2017 information on suspicious transactions forwarded was estimated at $9 million.
Since, 2013, the FIU has given police intelligence of possible money laundering worth more than $194 million.
“We have got births, deaths and marriage access with an MOU with the Ministry of Justice which allows us to profile people which is sometimes very difficult. Sometimes are given just one name and one possible address or Father’s name or TIN number so we use all this information to thoroughly profile people. We have got company registry access which allows us to look at, zoom into the company shareholding structure.”
The Director also highlights that every year, an estimated $100 million dollars is laundered as the proceeds of serious crimes.
The top three are drug trafficking, tax evasion and deception or fraud.
Buksh made the revelations before the Parliamentary Standing Committee on Economic Affairs who are currently scrutinizing the FIU’s 2017 Annual Report.