$128m Possible Tax Evasion, $8m Possible Laundering
Last year $128 million was identified for possible tax evasion and $81 million as funds available for possible laundering in and through the Fijian financial system.
Fiji Financial Intelligence Unit (FIU) investigated and profiled more than 1,000 individuals and 388 businesses.
This was presented by FIU director Razim Buksh to the Parliamentary Standing Committee on Economic Affairs yesterday.
If you’ve got nothing to hide, you’ve got nothing to fear, Mr Buksh says. Businesses and individuals who acquire wealth through legitimate and lawful means need not fear the FIU for profiling and suspicious transaction reporting purposes.
Mr Buksh also highlighted that the top three crime risk for money laundering in Fiji are drug trafficking, tax evasion and deception/ fraud.
Mr Buksh clarified that the powers of the FIU under the Financial Transactions Reporting (FTR) Act apply to those who acquire assets through questionable means or conduct suspicious financial transactions. Mr Buksh stated that the preventative measures to combat illegal financial flows and money laundering apply to wide range on financial institutions and businesses in the country.
The FIU intends to intensify checks on lawyers, accountants and real estate agents to keep track of financial crimes, he says. It is important to identify customers and the source of their wealth and any suspicious transactions to be reported. Below is are preventive measures by Financial Transactions Reporting Act and regulations.
1,000 individuals and more than 388 businesses were investigated and profiled by the Intelligence Unit