Deputy Prime Minister and Minister for Trade Manoa Kamikamica expressed concerns over the outdated nature of existing legislations and their ineffectiveness in addressing scams. He noted that current regulations require reports to be lodged with the police before any agency can take action against identified scams, underlining a significant gap in the system.
During his remarks in parliament about the Review Report of the Fiji Financial Intelligence Unit (FIU) Annual Report 2023, Kamikamica mentioned that a taskforce is actively working to review and amend relevant legislation to align it with international best practices. This initiative aims to enhance the legal framework to effectively tackle scams and money laundering.
Kamikamica emphasized the importance of modernizing the legislative framework to ensure it strengthens the country’s financial integrity. He stated that the ministry collaborates closely with the FIU through the Indo-Pacific Economic Framework for Prosperity (IPEF) to curb money laundering, foster transparency, and promote cooperation among partner nations.
He also noted the necessity of properly resourcing the FIU to enable it to perform its duties effectively. This is crucial for creating a corruption-free environment that benefits all sectors of the economy.
This ongoing legislative review and collaboration with international partners signify a positive step forward in reinforcing the financial system’s integrity, which is essential for fostering a secure and transparent economic environment.
In summary, Deputy PM Kamikamica is advocating for substantial reforms to outdated legislations, aiming to create a more effective framework for combating financial crimes and ensuring the integrity of Fiji’s economy. This reflects a proactive approach that could lead to a more resilient and better-regulated financial system.
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