Government agencies will now share financial information with the Fiji Intelligence Unit to facilitate its investigation and prosecution of persons suspected of money laundering.
This follows the signing of a Memorandum of Understanding between the Reserve Bank of Fiji, the Commerce Commission and the Fiji Financial Intelligence Unit.
The MOU also aims for the sharing of financial information in relation to cases of terrorist financing under the Financial Transactions Reporting Act.
Reserve Bank of Fiji Governor Barry Whiteside said entering into such understandings with other institutions and Government agencies is a significant step forward for the Bank.
He said this is especially true given the Bank’s commitment to do its part in promoting transparency and financial stability in our financial system to fight money laundering and terrorist financing.
The MOU arrangement will also set out the regulatory responsibilities of each institution and the importance of mutual consultation across a wide range of issues relevant to the financial system.
The signing ceremony was held on Thursday at the RBF boardroom on Thursday.
Story by: Gwen McGoon
