Fiji is losing an estimated “$1 billion dollars annually” to a thriving narcotics trade and black-market economy that threatens national stability, Acting Prime Minister and Finance Minister Professor Biman Prasad has warned.
“It is estimated to be $1 billion annually which can also mean significant tax revenue losses,” he said.
He told The Lens@177, the drug problem “is a direct neglect… on the part of the previous government” and is no longer small.
“It is this government that has taken concrete steps to deal with it.”
He said additional resources have been given to police and border agencies, while legacy issues in the force were being tackled.
“The people who used to be identified, charged and released are now going to jail… the ringleaders are in jail.”
Financial measures are also in play, he added, saying the lowering of the VAT Monitoring System threshold and tightening of M-PAiSA rules aimed to drag informal transactions into the tax net.
Prof Prasad said the new container X-ray machines, backed by Australia and asset-declaration laws requiring taxpayers to disclose property and vehicles, are ways in which Government is dealing with the issue.
“For the first time, we have taken decisive steps to close those loopholes… and ensure they are not accumulating illicit wealth through these means where the funds do not go to the financial system,” he said.
The latest drug operation nabbed two police officers who were produced in court on Tuesday for being in possession of bottles allegedly containing liquid methamphetamine.
