The Financial Intelligence Unit (FIU) estimates that around F$100,000,000 is linked to money laundering transactions and tax evasion cases in Fiji annually, and according to the Interim Attorney General this number is expected to increase as more cases are detected.
In opening a workshop on the issue of money laundering this morning, AG Ayaz Sayed Khaiyum says this figure equates to approximately 1.5% of Fiji’s Gross Domestic Product.
However he says it also indicates that Fiji’s money laundering risk is in the lower bracket when compared globally as the global estimate is 2 to 4.8% of the global GDP.
Sayed Khaium also says that while the various agencies such as the FIU, Fiji Police Force, FIRCA, FICAC, the Immigration Department and the National Anti-Money Laundering Council contribute to the overall implementation of money laundering laws, they cannot operate on their own and therefore effective cooperation and assistance is needed from the private sector.
Source: Fiji Broadcasting Corporation
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