The Financial Intelligence Unit (FIU) of Fiji is up to date with its annual reporting.
Opposition member Viliame Naupoto, on behalf of the Standing Committee on Foreign Affairs and Defence, confirmed this during discussions on the review of the FIU’s 2023 Annual Report to Parliament.
In his remarks, Mr Naupoto acknowledged the contributions of various stakeholders that facilitated the successful compilation of the report.
“The FIU was established in 2006 under the Financial Transactions Reporting Act 2004,” Mr Naupoto said.
“The unit functions both, as an intelligence unit and as a regulator, as mandated by the Financial Transactions Reporting Act 2004.
“These two core functions are aimed at protecting Fiji’s financial system from abuse by criminals who seek to use the financial services offered to launder the proceeds of crime or to facilitate other serious crimes.”
The FIU is fully funded by the Reserve Bank of Fiji (RBF), which has held ministerial oversight of the unit since its inception.
Mr Naupoto emphasised the professionalism and clarity of the annual report, which assisted the committee in its review process.
This review involved thorough examination and discussions with the acting director and senior staff of the FIU.
“The review report has five recommendations, two of which the committee feels that the line ministries should look at with some urgency.
“I thank the committee members of the Standing Committee on Foreign Affairs and Defence for the hard work involved in the compilation of this review report.
The review report includes five recommendations, with two identified as requiring urgent attention from relevant line ministries.