FIU receives large number of suspicious transaction reports

The Fiji Financial Intelligence Unit is receiving large number of suspicious transaction reports from Accounting Firms, Law Firms and Real Estate Agents regarding their clients about possible engagement in illicit transactions.

Director Razim Buksh revealed this while making submission before the Parliamentary Standing Committee on Economic Affairs.

He says they are now carrying out inspections of Accounting Firms, Law Firms and Real Estate Agents to see if they are fully complying with money laundering preventive measures.

The Fiji Financial Intelligence Unit has already inspected four Accounting Firms and the criteria for selection was based on risk of money laundering, the types of services offered by these accounting firms and their customer base.

He says their objective is to look at all the firms.

Meanwhile, the Fiji Financial Intelligence Unit received 579 suspicious transaction reports from financial institutions last year.

Buksh says $128 million was identified as possible tax invasion last year and more than 1,000 individuals and 388 businesses were profiled for tax evasion, financial fraud, cybercrime, corruption and other related crimes.