BRED Bank (Fiji) Pte Limited has issued a statement to clarify its involvement in a significant drug-related “unexplained wealth” case that has come under media scrutiny. Recent High Court proceedings revealed that approximately $400,000 in a bank account at BRED Bank would be forfeited to the State as part of the legal actions.
In its announcement, BRED Bank emphasized that its role is limited to being a financial institution that holds the account in question, which is subject to lawful court orders. The bank reiterated that it operates within a robust legal and regulatory framework, particularly focusing on anti-money laundering and countering the financing of terrorism. As a licensed financial entity in Fiji, BRED Bank adheres to stringent policies and governance systems designed to identify and manage any suspicious activities while ensuring compliance with all applicable laws.
BRED Bank also stressed its commitment to cooperating with authorities as permitted by law. This cooperation is integral to their mission of supporting the integrity of Fiji’s financial system and combating financial crime. The bank assured that it respects all court processes and legal requirements regarding the management of the affected accounts.
Maintaining transparency and regulatory compliance is a top priority for BRED Bank, as it strives to protect the financial system and uphold the trust of its customers and the broader community. The bank’s clear stance reflects a dedication to integrity in its operations, reinforcing its commitment to acting within the legal framework and supporting efforts to enhance the integrity of the financial sector in Fiji.
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