‘Firms need more fraud aware­ness’

MAN­U­FAC­TURE

Fiji Sun - - BUSINESS - SU­SANA HIRST - TUILAU Feed­back: su­sana.tuilau@fi­jisun.com.fj

The Fiji Fi­nan­cial In­tel­li­gence Unit (FIU) has been work­ing hard to make sure that Fiji is free from fraud­u­lent.

The Fiji FIU is an in­te­gral part of Fiji’s fight against money laun­der­ing, ter­ror­ist fi­nanc­ing, fraud­u­lent ac­tiv­i­ties, and other fi­nan­cial crimes.

Reg­u­la­tory func­tions of FIU

■The FIU is also re­quired un­der the Fi­nan­cial Trans­ac­tion Re­port­ing (FTR) Act to su­per­vise and en­sure that fi­nan­cial in­sti­tu­tions com­ply with re­quire­ments un­der the FTR act and reg­u­la­tions.

FIU direc­tor Razim Buksh said : “In 2019, the FIU con­ducted on­site com­pli­ance vis­its of three law firms and four real es­tate agents to as­sess these busi­nesses’ com­pli­ance with the FTR Act and Reg­u­la­tions.”

On­site ex­am­i­na­tion of law firms

Key find­ings from the FIU on­site ex­am­i­na­tion of the law firms and real es­tate agents in­cluded:

■■o writ­ten anti-money laun­der­ing (AML) poli­cies or pro­ce­dures in place;

■most of the firms were not fully aware of their re­port­ing obli­ga­tions un­der the FTR act, thus, failed to re­port Cash Trans­ac­tion Re­ports and Sus­pi­cious Trans­ac­tion Re­port­ing (STR);

■staff were not pro­vided with AML train­ing;

■there was lack of mon­i­tor­ing of client’s en­gage­ments or trans­ac­tions for any com­plex, un­usual or large trans­ac­tions.

Re­sults of as­sess­ments

The re­sults of the as­sess­ments were shared with the man­age­ment of the re­spec­tive busi­nesses with rec­om­men­da­tions for fur­ther im­prove­ments in in­ter­nal pro­cesses.

Pol­icy ad­vice

FIU pro­vided pol­icy ad­vice to the Re­serve Bank of Fiji (RBF) su­per­vi­sors as and when needed on AML/Com­bat­ing of Fi­nanc­ing of Ter­ror­ism (CFT) com­pli­ance is­sues.

The FIU also pro­vided as­sis­tance to the RBF on the AML/CFT sec­tion of the on-site ex­am­i­na­tions of RBF li­censed fi­nan­cial in­sti­tu­tions..

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