Deputy Prime Minister and Minister for Trade Manoa Kamikamica has raised concerns regarding the outdated nature of many government legislations and the effectiveness of statutory agencies in combating scams. He pointed out that current protocols require individuals to file police reports before any agency can act on identified scams, highlighting a significant gap in the existing framework.
In a recent parliamentary debate on the ‘Review Report of the Fiji Financial Intelligence Unit Annual Report 2023’, Mr. Kamikamica stated that efforts are underway to overhaul and amend relevant legislations to align with international best practices. This reform aims to empower agencies with stronger tools to address scams and financial crimes more effectively, emphasizing the importance of having robust measures in place to safeguard financial integrity.
The minister expressed his commitment to updating key legislation, which plays a crucial role in ensuring the economic stability and integrity of the country. He noted the collaboration with the Financial Intelligence Unit (FIU) under the Indo-Pacific Economic Framework for Prosperity (IPEF) as a vital step toward enhancing transparency and preventing money laundering.
Moreover, Mr. Kamikamica emphasized the necessity of adequately resourcing the FIU to ensure it can fulfill its crucial responsibilities effectively. His statements point to a future where more stringent and proactive measures could foster a corruption-free environment that benefits all sectors of society.
This initiative comes as a beacon of hope not only for improving regulatory frameworks but also for instilling greater trust in the system as it works toward a fair and transparent financial ecosystem. Ensuring robust financial regulations and cooperation among partners in combating economic crime is pivotal for economic growth and integrity.
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