Fiji Financial Intelligence Unit 2013 Annual Report
Implement Strategies to Combat Money Laundering and Other Serious Crimes
Laws, Policy and Procedural Measures
Implementation of the FTR Act and Regulations
The FIU continued to work closely with financial institutions during 2013 to implement the requirements of the FTR Act and Regulations. These requirements aim to prevent or detect money laundering and terrorist financing activities within Fiji’s financial system.
The requirements in the FTR Act are based on international AML/CFT standards, the Financial Action Taskforce (FATF) Recommendations.
Entities and businesses that are required to comply with the requirements of the FTR Act include:
- financial institutions such as, commercial banks, insurance companies and intermediaries, finance companies, money remitters, money changers, investment advisors, brokers and dealers, unit trust or managed funds, mobile phone banking service providers; and
- other designated non-financial businesses and professions (DNFBPs) such as, accounting firms, law firms, real estate agents or businesses.