Attorney-General Graham Leung presented the 2023 Annual Report of the Financial Intelligence Unit (FIU) to Parliament on Monday. Acting Director of the FIU, Esther Sue, noted that the year posed significant challenges as emerging financial crime trends and law enforcement priorities heightened the demand for the FIU’s financial intelligence and expertise.
Sue emphasized that the FIU, as an intelligence agency, must proactively share financial intelligence with law enforcement for the investigation and prosecution of serious financial crimes. The unit also assists law enforcement in tracing and seizing the proceeds of crime.
In 2023, the FIU disseminated a total of 429 intelligence reports to law enforcement agencies, regulatory bodies, and government ministries. Many of these reports were based on suspicious transaction reports received from various financial institutions in Fiji.
The FIU also conducted a comprehensive assessment of the money laundering and terrorist financing risks within Fiji’s banking sector, with the findings now published and accessible on the FIU website. Sue affirmed that the FIU aims to ensure that financial institutions in Fiji maintain robust internal systems and controls to prevent the misuse of their services for money laundering, terrorism financing, and other serious financial offenses.
Additionally, the FIU carried out risk-based supervision of various financial institutions, including non-financial businesses like lawyers, real estate agents, and accountants. This included on-site assessments of several real estate agents and legal practitioners to ensure compliance with anti-money laundering regulations, supplemented by off-site monitoring.
To promote digital innovations in payment systems, the FIU introduced new guidelines offering further requirements and guidance for financial institutions on utilizing digital ID systems for customer due diligence, or electronic Know Your Customer (eKYC).
The Acting Director expressed gratitude for the ongoing support from the Reserve Bank of Fiji, which funds the FIU, as well as the contributions from all financial institutions and partner law enforcement agencies to the successes of the FIU in 2023.