Fiji : Detailed Assessment Report Anti-Money Laundering and Combating the Financing of Terrorism
Fiji has committed substantial resources to bringing its Anti-Money Laundering / combating the financing of terrorism (AML/CFT) system up to international standards. With the entry into force of the Financial Transactions Reporting Act (FTR Act) in...
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| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/en/445081468249704881/Fiji-Detailed-assessment-report-anti-money-laundering-and-combating-the-financing-of-terrorism http://hdl.handle.net/10986/36677 |
| Summary: | Fiji has committed substantial resources
to bringing its Anti-Money Laundering / combating the
financing of terrorism (AML/CFT) system up to international
standards. With the entry into force of the Financial
Transactions Reporting Act (FTR Act) in January 2006, Fiji
has added a central piece to a strong AML/CFT legislative
framework. The FTR Act closely reflects the international
standard in creating a range of AML/CFT preventive
regulatory requirements and extending them to a wide range
of financial institutions and non-financial businesses and
professions. The Act is recent and implementation is still
at an early stage. The criminalization of money laundering
is in line with international standards. Fiji also enjoys a
progressive and comprehensive legislative framework for
preserving and recovering the proceeds of crime. The law
criminalizes a range of Terrorist Financing (TF) acts. The
criminalization falls short of international requirements in
some technical respects. While no TF acts have been
detected, it was established that enforcing the TF
provisions is operationally contingent on the passing of a
comprehensive anti-terrorism law, which is still at an early
stage of drafting. |
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