Showing posts with label Fiji. Show all posts
Showing posts with label Fiji. Show all posts
on Saturday, June 30, 2012
Fiji’s initiatives for combating money laundering received regional recognition last month for making “substantial progress” in addressing deficiencies identified by the World Bank in 2006.

A delegation from the Fiji Government presented a detailed progress report on Fiji’s Anti-Money Laundering framework at the Annual Plenary Meeting of the Asia Pacific Group on Money Laundering in India last month.

Financial Intelligence Unit Razim Buksh says pressure is now put on countries to ensure global compliance with Anti Money Laundering standards that protect the domestic as well as international financial systems.

Solicitor General Christopher Pryde says restraining and forfeiture provisions, including civil forfeiture provisions, have been tested in Fiji and have resulted in a number of money laundering convictions and forfeiture of criminal assets.

Fiji’s criminal justice system was further strengthened and modernised with the introduction of a new Crimes Decree and the Criminal Procedure Decree.

Progress reports will be provided annually to the APG.

Report by : Edwin Nand

Source: FBC
on Friday, June 15, 2012
Fiji is making progressive strides in combating the occurrence of money laundering and financial crimes in the country, having conducted 267 investigations into alleged offences over the course of 2010.

The Financial Intelligence Unit (FIU) of Fiji has released its 2010 Annual Report, which provides information on the results of the country’s efforts into the administration and enforcement of the national Financial Transactions Reporting Act (FTR).

According to the publication, in 2010 the FIU received 629 submissions regarding suspicious financial transactions carried out in Fiji, with 267 of these being forwarded on to law enforcement agencies for further investigation into possible money laundering. FIU investigations during the year have also led to the closure of an unlicensed bank, the revocation of the license of a foreign exchange dealer, and the issuance of several notices to the financial sector warning it against specific offences being carried out in violation of the FTR.

The FIU has been in operation for five years, during which it has handled 2 341 reports of suspicious transactions, 303 585 cash transaction reports, 714 873 international funds transfer reports, and 665 border currency declarations. The Unit now holds a database with information on over 1 million financial transactions. Of all the monitored transactions collected during its operations, 839 reports were disseminated to law enforcement agencies. The Unit has also assisted in 293 financial crimes investigations that were carried out by Fijian authorities.

Razim Buksh, director of the FIU, commented on the published results, saying that the Unit has made commendable progress in implementing the Financial Transactions Reporting Act since its introduction into the legal system in 2007. He added that in 2010 the FIU made great strides in facilitating greater adherence to internationally accepted anti-money laundering initiatives in Fiji. The FIU has also proven to be vital for providing regulatory and practical guidance for the appropriate implementation of Know Your Customer requirements and Customer Due Diligence standards.


on Friday, May 25, 2012
THE National Anti-Money Laundering Council will meet for the first time tomorrow since it was established on January 1.

In view of the implementation of the anti money laundering law, the Financial Transactions Reporting (FTR) Act of January 1, 2008, the Government has decided to convene the council's first meeting.

Interim Attorney-General Minister for Justice, Electoral Reform, Public Enterprises and Anti-Corruption Aiyaz Sayed-Khaiyum will officiate. The council was established under section 35 of the FTR Act and is an inter-agency committee whose members include the permanent secretary for Justice as chairperson, director of the Financial Intelligence Unit, Reserve Bank governor, Director of Public Prosecutions, Police Commissioner and the FIRCA chief executive.

The council was formed to combat mainly money laundering and terrorist financing.

http://www.fijitimes.com/story.aspx?id=82324
on Thursday, May 17, 2012
THE Reserve Bank has warned travellers in and out of Fiji to comply with Fiji's new border currency reporting requirements that came into force on January 1.

Anyone leaving or arriving with $10,000 or more in currency or negotiable bearer instruments (or their equivalent in a foreign currency) is required to declare it to the Fiji Islands Revenue and Customs Authority.

Fiji's Financial Intelligence Unit director Razim Buksh said these measures were put in place to further strengthen Fiji's overall efforts to combat money laundering, terrorism financing and other serious criminal activities.

The physical movements and smuggling of currency around the world has been widely practised by criminals in order to launder their ill-gotten, illicit and criminal profits, a statement from the Reserve Bank said.

Source: FIJITIMES, May 17, 2008
on Wednesday, May 16, 2012
Police have arrested and charged two men of Nadi for allegedly managing to launder $147,000 from a Hotel in Nadi into their accounts, between December last year and end of February this year.

One of the accused a 38 year old Mechanic of Malolo, Nadi is charged with 9 counts of Uttering Forged Documents, 7 counts of receiving Money on Forged Documents and one count of Money Laundering.

The second man a 25 year old Purchasing officer of Nadovi, Nadi has been charged with two counts of Larceny and one count of Money Laundering.

It is alleged that the two along with a Former Accountant of the Hotel fraudulently obtained the Money and brought vehicles, Computers and other valuables.

Police managed to recover two vehicles and some valuable items as proceeds of crime while the hunt still continues for the former accountant.

The two were arrested by the Police strike back team and the Police Money Laundering Unit. The two will appear in the court on 20th of this month.

http://www.amlosphere.com/australia/aml/two-charged-for-laundering-in-fiji.html
on Saturday, May 12, 2012
The Financial Intelligence Unit is confident that efforts to fight against criminal financial transactions will not be compromised with the withdrawal of the Pacific Transnational Crime Coordination Center from Fiji.

Head of the Unit Nazim Buksh said while the Center made it easy for various agencies to access information, their capacity to detect fraudulent and suspicious transactions and incidents of money laundering is not affected.

Buksh said the Unit along with the Transnational Crime Unit based in Fiji is constantly in communication with their regional counterparts and foreign agencies to share information and intelligence and track down illegal financial activities and those responsible.

The Board of Management of the Pacific Transnational Crime Coordination Centre decided last week to move out of Fiji after four years in the country because of its political uncertainty.

The Transnational Crime Network coordinates the efforts of Pacific Island nations, in fighting crimes including money laundering, human trafficking, drugs enforcement and customs law enforcement.

Source: FijiVillage
on Friday, April 20, 2012
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
on Tuesday, January 31, 2012
Former Fiji prime minister Mahendra Pal Chaudhry has been charged with a dozen crimes relating to money laundering and tax evasion.

Chaudhry, who was held hostage for 56 days before being deposed as Fiji's leader in a nationalist coup in 2000, appeared in court on Friday charged with 12 offences, Fiji police spokeswoman Ema Mua told AAP.

It is alleged he held up to $A400,000 in a Commonwealth Bank of Australia account and $A50,000 was given to his daughter in Australia without procedures being followed, Agence France-Presse reported.

The 12 charges, which date back to just after the 2000 coup, include providing false information to the Fiji Islands Revenue and Customs Authority, AFP said.

Chaudhry appeared in Suva Magistrate's Court on Friday afternoon and was represented by his son, lawyer Rajendra Chaudhry, news website Fijivillage reported.

He heard the charges but was not required to enter a plea, Fijivillage said.

He was released on bail and will reappear in court next week.

"He's out on bail and he's got bail condition and he's to appear in the High Court next month," Ms Mua told AAP, later correcting the next court date to July 30.

"He's to surrender his travel documents, passport, and he's to report in to the nearest police post to his home every Thursday," she said.

Chaudhry was briefly finance minister in the current military-led government of Frank Bainimarama, during which time an independent audit cleared him of any wrongdoing in relation to his overseas financial dealings.

He was Fiji's first ethnic Indian leader when he was elected prime minister in 1999 and was overthrown a year later in a coup led by nationalist George Speight.

On May 19, 2000, failed businessman Speight led a group of special force soldiers into Fiji's parliament, where he seized Chaudhry and his government, holding them hostage for 56 days.

During the hostage period, the Fiji Military Forces took power, declared martial law and installed an interim prime minister, Laisenia Qarase, who a year later won the post in a democratic election.

Speight and co-conspirators, Timoci Silatolu and Josefa Nata, were convicted of treason and jailed for life.

Chaudhry was the leader of the Fiji Labour Party until 2008 and controversially backed Commodore Bainimarama's 2006 bloodless coup, in which the military leader seized power from Mr Qarase's government.

Australia has been one of the harshest critics of Fiji since Commodore Bainimarama led the coup and stalled democratic elections, which were initially promised for 2009 and have now been pushed back to 2014.

Already-frosty relations between the two nations heightened this week when Australia and Fiji became embroiled in a bitter spat over whether a meeting of the Melanesian Spearhead Group (MSG) should proceed in Fiji.

Fiji believed the meeting would lend some credibility to its regime, while Australia thought the meeting would undermine efforts to pressure Fiji to return to democracy.

The meeting went ahead - under the new name of Engaging Fiji - and Australia and New Zealand were the only nations in the region to decline an invitation to attend.

At the conclusion of the two-day meeting on Friday, Fiji government spokeswoman Sharon Smith Johns said the officials from 10 nations - including Vanuatu, Papua New Guinea and the Solomons Islands - had held unified discussions about climate change and the economy.

There were plans to regroup annually for updates on Fiji's progress towards democracy and elections in 2014, she said.

Source: AAP