BRED Bank (Fiji) Pte Limited has issued a statement clarifying its role following recent media reports and High Court proceedings linked to a major drug-related “unexplained wealth” case in which the bank was mentioned.
In its statement, BRED Bank (Fiji) Pte Limited stressed that its involvement is strictly limited to its role as a financial institution holding an account that is subject to lawful court orders.
The High Court ruled that about $400,000 held in a bank account at Bred Bank was to be forfeited to the State.
“BRED Bank Fiji wishes to clearly state that the Bank’s involvement is strictly limited to its role as a financial institution holding an account that is subject to orders issued by the competent authorities, including restraint orders made by the High Court,” the bank said.
The bank emphasised that it operates within a comprehensive legal and regulatory framework, particularly in relation to anti-money laundering and countering the financing of terrorism obligations.
“As a licensed financial institution in Fiji, BRED Bank Fiji is subject to a comprehensive legal and regulatory framework, particularly in the areas of anti-money laundering and countering the financing of terrorism,” the statement said.
It added that the bank maintains internal policies, controls and governance systems designed to detect and manage suspicious activity and ensure full compliance with all applicable laws and regulations.
BRED Bank Fiji also confirmed its cooperation with authorities whenever required by law.
“In this context, BRED Bank Fiji cooperates fully and proactively with the relevant authorities, including law-enforcement and regulatory agencies, whenever required to do so under the law,” the bank said.
The bank noted that such cooperation forms part of its broader commitment to safeguarding the integrity of Fiji’s financial system and supporting efforts to combat financial crime.
“The Bank will continue to respect all court processes and legal requirements, including any directions regarding the handling of affected accounts,” the statement said.
BRED Bank Fiji reaffirmed its commitment to integrity and public trust, saying that maintaining transparency and regulatory compliance remains a top priority.
“Protecting the financial system and maintaining the trust of our customers, regulators, and the public remains a top priority for the Bank,” it said.
