29 Nov 2007

Measures against money laundering tax evasion in Fiji

10:51 am on 29 November 2007

The Fiji Revenue and Customs Authority has signed an agreement with the Financial Intelligence Unit which will help with the early detection and prosecution of tax evasion and money laundering.

The agreement will allow the two agencies to exchange information and financial intelligence.

The chief executive of the Revenue and Customs Authority, Jitoko Tikolevu, says they have had recent experience of money laundering and understating of tax liability.

They have also had to deal with companies with overseas branches or headquarters which have been setting up corporate structures to evade taxes through transfer pricing.

The director of the Financial Intelligence Unit, Razim Buksh, says the new networking arrangements will enable the early detection of suspicious transitions as they happen, so action can be taken quickly.