FIU plans to review cash transaction reporting

May 24, 2022 12:50 pm

The Fiji Financial Intelligence Unit is in the process of reviewing key policy initiatives including the cash transaction reporting.

Director Razim Buksh highlighted this as a number of suspicious financial transactions are reported below the $10,000 threshold.

He says through the review they want to decrease the cash transaction reporting threshold from $10,000 to $5,000 which will create more volume of financial transaction data for their partner agencies.

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Buksh explains that under the Financial Transactions Reporting all cash transactions of $10,000 and above, or its equivalent in foreign currency are to be reported to the Financial Intelligence Unit.

“Suspects would usually conduct transactions below that so that they are nor reported in the mandatory reporting. So by lowering the threshold would mean that we would get a wider coverage of transactions that are being conducted and we will have a more complete intelligence for us by our partner agencies.”

The FIU Director says they will continue to support the Government through its partner agencies in the fight against financial crimes and other serious criminal activities.