BRED Bank (Fiji) Pte Limited has issued a statement to clarify its position following recent media reports and High Court proceedings concerning a significant drug-related case of “unexplained wealth” associated with the bank. The financial institution stressed that its involvement is limited to holding an account under lawful court orders, specifically stating that around $400,000 within the account is set to be forfeited to the State as per the High Court’s ruling.
In its recent communication, BRED Bank emphasized, “the Bank’s involvement is strictly limited to its role as a financial institution holding an account that is subject to orders issued by the competent authorities, including restraint orders made by the High Court.” The bank prides itself on operating under a comprehensive legal and regulatory framework, particularly in relation to anti-money laundering and counter-terrorism financing obligations.
The bank reiterated its commitment to strict internal policies and governance systems that are designed to detect and manage suspicious activities, ensuring comprehensive compliance with all relevant laws and regulations. As a licensed financial institution in Fiji, BRED Bank is subject to rigorous oversight to maintain high standards of financial integrity.
Furthermore, BRED Bank underscored its commitment to fully cooperating with law enforcement and regulatory authorities when necessary. “In this context, BRED Bank Fiji cooperates fully and proactively with the relevant authorities, including law enforcement and regulatory agencies, whenever required to do so under the law,” the statement read.
This collaborative approach is part of BRED Bank’s ongoing dedication to protect the integrity of Fiji’s financial system and combat financial crime. The bank reassured its clients and stakeholders about its commitment to transparency, regulatory compliance, and prioritizing customer interests while adapting to the evolving challenges within the financial landscape.
By emphasizing its dedication to upholding public trust and safeguarding the financial system, BRED Bank aims to strengthen its position as a reliable and trustworthy financial institution in Fiji, fostering a secure banking environment for all its customers.