The Financial Intelligence Unit (FIU) of Fiji has successfully completed its annual reporting. Viliame Naupoto, an opposition member, confirmed this during discussions regarding the review of the FIU’s 2023 Annual Report submitted to Parliament as part of the Standing Committee on Foreign Affairs and Defence.
In his comments, Mr. Naupoto recognized the valuable contributions of various stakeholders that aided in the effective compilation of the report. He remarked, “The FIU was established in 2006 under the Financial Transactions Reporting Act 2004,” highlighting the unit’s dual role as both an intelligence agency and a regulator in line with the mentioned act. These core responsibilities are aimed at safeguarding Fiji’s financial system from criminal exploitation, such as money laundering and other serious offenses.
The FIU is entirely funded by the Reserve Bank of Fiji (RBF), which has maintained ministerial oversight of the unit since its establishment. Mr. Naupoto praised the professionalism and clarity of the annual report, which greatly assisted the committee during its review process. This review involved a comprehensive analysis and discussions with the acting director and senior staff of the FIU.
The review report comprises five recommendations, two of which the committee believes require urgent attention from the relevant ministries. Mr. Naupoto expressed gratitude to the committee members of the Standing Committee on Foreign Affairs and Defence for their diligent efforts in compiling the review report.