Increased budget to combat money laundering and terrorism financing

July 10, 2024 6:27 am

Minister for Justice, Siromi Turaga [Source: Parliament of Fiji/ Facebook]

The Ministry of Justice is stressing the importance of addressing money laundering and terrorism financing due to their complex and evolving nature.

Minister Siromi Turaga says criminal organizations exploit vulnerabilities in our financial system, posing risks to economic stability and societal well-being.

To counter these threats, Turaga says the ministry is making a strategic investment in the Asia-Pacific Group on Money Laundering Subscriptions.

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He believes public awareness is important in combating illicit activities.

“A commitment extends to strengthening the regulatory framework, ensuring rigorous oversight, and ensuring compliance with international standards.”

Turaga says the implementation of recommendations from the Financial Action Task Force (FATF) is pivotal in enhancing transparency and accountability across financial transactions.

He says the Asia-Pacific Group will also provide technical assistance to improve the non-profit sector through a risk-based approach.

The Ministry of Justice has received a significant budget increase, reflecting a transformative commitment to reinforcing justice, improving service delivery, and ensuring the prevalence of the rule of law across the nation.

The ministry’s operational budget has increased from $4 million to $5 million.