Laws and Regulations
The FTR Act
of 2004 regulates and controls the reporting of financial transactions
by financial institutions and establishes the Financial Intelligence
Unit.
The act provides for a legislative
framework of measures to combat money laundering and the financing of
terrorism in and through Fiji. The act ensures that necessary steps are
taken to bring our national, law enforcement and financial systems into
compliance with global trends and standards and in keeping with our
regional obligations and commitments for combating money laundering and
the financing of terrorism. At the same time these measures take into
account circumstances in small but developing financial systems such as
in Fiji.
In this regard, the Act provides for the following key measures:
- Widening the scope and coverage of the
term `financial institutions to include non-traditional financial and
banking institutions as well so as to monitor other channels that can be
used to channel black money;
- Requiring financial institutions to take certain action when dealing with customers and their transactions;
- Establishing the Financial Intelligence Unit, its functions and powers; and
- Establishing the National Anti-Money Laundering Council.
|