FIJI could face serious economic consequences, including possible grey listing, if it fails an international assessment of its anti-money laundering and financial crime measures next month.
Justice Minister Siromi Turaga told Parliament Fiji’s money laundering risk remained high, with drug offences, organised crime, tax and customs crimes, illegal fishing, bribery and corruption identified among the key threats.
“It is important that Fiji does well in the mutual evaluation,” Mr Turaga said.
He warned that an unfavourable outcome could result in grey listing by international partners and financial institutions.
The Asia Pacific Group on money laundering assessment will examine Fiji’s legal framework as well as how effectively authorities investigate and prosecute financial crimes, use financial intelligence and confiscate criminal assets.
An assessment team is expected in Fiji in September for discussions and interviews with Government and private sector representatives.
Mr Turaga said Fiji had made significant progress since its previous assessment in 2015, including the establishment of a dedicated civil forfeiture unit within the Office of the Director of Public Prosecutions.
He said forfeiture cases had increased, with the biggest recent case involving almost $9million in properties.
Active cases currently involve about $11m in assets, most linked to drug-related cases.
Mr Turaga said the assessment outcome would influence decisions by institutions including the IMF, World Bank and international banks on investment, financing and trade with Fiji.
