The Fiji Financial Intelligence Unit (FIU) has announced that travelers declared an impressive total of $49.6 million in cash at Fiji’s borders throughout 2024, emphasizing the substantial flow of high-value currency into and out of the nation.
According to Fiji’s financial reporting laws, any individual entering or leaving the country with $10,000 or more in cash or negotiable bearer instruments is required to declare this amount upon arrival or departure. The FIU’s 2024 annual report highlights that most declarations were made for amounts between $10,000 to $100,000.
In total, 840 Border Currency Reports (BCRs) were filed this past year, marking a notable increase from 599 in 2023. Among these reports, 51 percent were submitted by outbound travelers, while 49 percent came from those entering the country.
It is important to note that failure to declare such amounts is considered a serious offense under the Financial Transactions Reporting Act, with penalties that can reach up to $60,000 or even ten years of imprisonment, or both. In 2024, four cases of non-declaration were recorded, underscoring the seriousness of compliance.
The FIU maintains that it continually analyzes these cash movements to gather valuable intelligence and bolster compliance at Fiji’s borders. This ongoing monitoring plays a crucial role in ensuring that the financial landscape of Fiji remains secure and transparent, fostering a safer economic environment for all.
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