The Fiji Financial Intelligence Unit (FIU) has released its annual report highlighting its analysis of 304 suspicious transaction reports (STRs) from the previous year. This diligent examination led to the filing of 165 STRs for future intelligence use and the issuance of 125 case dissemination reports (CDRs). These CDRs serve as vital intelligence tools shared with law enforcement agencies, while the FIU also sent out nine alert and instruction notices to financial institutions and identified five cases connected with previously circulated cases.
The report identifies scams as the predominant criminal activity covered in the STRs, accounting for 38 percent of the reports, followed by tax crimes, which made up 26 percent. Other issues highlighted include fraud at 14 percent, corruption and bribery at 10 percent, illicit drug-related crimes at 7 percent, breaches of regulatory policies at 3 percent, and sexual exploitation at 2 percent. Notably, while scams featured prominently in the number of CDRs, tax crimes significantly outstripped other categories in terms of transaction value, contributing to 86 percent of the total.
Last year, the FIU disseminated a total of 237 intelligence products, a decline from the 429 products shared in 2023. This reduction is attributed to the FIU’s efforts to streamline its financial intelligence processes and enhance the capacity of law enforcement agencies to directly access and interpret data from the FIU’s database. Consequently, law enforcement agencies accessed 1,334 financial data reports from the FIU in 2024, a significant increase compared to just 111 reports in the previous year.
Of the 237 intelligence products dispersed in 2024, 125 were CDRs directed at law enforcement, a decrease from the 163 CDRs disseminated the prior year. These reports involved information on 140 individuals and a single entity. Notably, 57 percent of CDRs were sent to the Fiji Police Force, while 25 percent were directed to the Fiji Revenue and Customs Service. Additionally, the FIU responded to 66 intelligence requests from enforcement entities like the Fiji Police Force and the Fiji Independent Commission Against Corruption, encompassing details on 168 individuals and 65 entities.
Overall, the FIU processed an impressive 6,139,750 financial transaction and other reports, which aided in the development of these intelligence insights. This collection included STRs and various transaction reports submitted by financial institutions. To further investigate STRs and gather intelligence, the FIU made 697 enquiries to financial institutions and government agencies, underscoring its commitment to tackling financial crimes effectively. The results reflect the ongoing efforts to enhance financial transparency and accountability, paving the way for a more secure economic future in Fiji.
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