BRED Bank (Fiji) Pte Limited has released a statement to clarify its position following recent media coverage and High Court proceedings related to a significant drug-related “unexplained wealth” case involving the bank. The financial institution emphasized that its role is confined to holding an account that is under lawful court orders, particularly pointing out that approximately $400,000 in an account at BRED Bank is to be forfeited to the State as ruled by the High Court.
In its statement, BRED Bank reiterated its limited involvement in the case, stating, “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 operates under a robust legal and regulatory framework, especially concerning anti-money laundering and counter-terrorism financing obligations.
BRED Bank maintains strict internal policies and governance systems designed to detect and manage any suspicious activity while ensuring comprehensive compliance with all relevant laws and regulations. The bank stated, “As a licensed financial institution in Fiji, BRED Bank Fiji is subject to a comprehensive legal and regulatory framework.”
The statement also confirmed the bank’s commitment to cooperating with law enforcement and regulatory authorities whenever required. “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,” it added.
BRED Bank highlighted that this cooperation is part of its ongoing dedication to protect the integrity of Fiji’s financial system and to aid in combatting financial crime. The bank reassured its clients and stakeholders of its commitment to transparency, regulatory compliance, and serving the best interests of its customers while addressing the evolving challenges in the financial landscape.
Through its dedication to maintaining public trust and safeguarding the financial system, BRED Bank aims to reinforce its position as a reliable and trustworthy financial institution in Fiji.