Fiji Institute of Accountants Council Member Pravinesh Singh has called on private businesses and organization to watch out for people trying to convert black money to white money.

Singh says black money are those earned from the trading of drugs and other illegal activities.

He says small businesses are usually the victims of the conversion of this money as there is no proper process to verify the source of funds.

Unlike statutory bodies, Singh says there needs to be a standard procedure.

“Because at the moment my cashier doesn’t have that understanding, all she does is under the FTR act she’s supposed to file a suspicious transaction report to FIU and in this case what does FIU really do, what does the tax office do, is there any mechanism between FRCS and FIU that can really track down this person and really question”

Singh says they are currently working towards looking at various mechanism to try and assist private businesses and organizations