20 Jan 2004

Fiji draws up new act to fight money laundering

11:31 am on 20 January 2004

Authorities in Fiji are drawing up a strict new Financial Transaction Reporting Act to police the abuse of financial and other institutions to launder money.

The head of the justice ministry, Sakiusa Rabuka, has told Fiji TV that the new laws will give the authorities strong powers to audit insurance companies, lawyer's trust funds and stock brokers.

Moneylenders and real estate agents as well as religious bodies and charitable organisations will also be included.

Mr Rabuka says this is aimed at preventing terrorist organisations using such institutions to transfer money into Fiji.

When the new legislation is enacted, the reporting of all suspicious transactions will become mandatory.

Mr Rabuka says Fiji must comply with the new international requirements, otherwise it risks being blacklisted like other Pacific countries such as Nauru, Niue and the Cook Islands.