The Fiji Financial Intelligence Unit (FIU) has released its annual report for 2024, revealing significant findings from an analysis of 304 suspicious transaction reports (STRs) over the past year. The analysis resulted in the creation of 165 STRs earmarked for future intelligence use, while law enforcement agencies received 125 case dissemination reports (CDRs), alongside nine alerts and instruction notices for financial institutions. Remarkably, five of the analyzed cases were linked to previously known cases.
In the report, scams emerged as the most common form of criminal activity, making up 38 percent of all reported cases. This was closely followed by tax crimes at 26 percent, fraud at 14 percent, and corruption and bribery at 10 percent. Other reported crimes included illicit drug activities at 7 percent, regulatory breaches at 3 percent, and sexual exploitation at 2 percent. Despite scams leading in quantity, tax crimes represented a much larger share of transaction values, constituting 86 percent of the total.
Throughout the year, the Fiji FIU distributed 237 intelligence products to various law enforcement and regulatory bodies, a decrease from 429 products in 2023. This decline is attributed to improved financial intelligence processes and a focused effort to enhance the capacity of law enforcement agencies, enabling more effective extraction and interpretation of data from the FIU’s database. Law enforcement agencies accessed a total of 1,334 financial data reports, marking a significant rise from just 111 reports in the previous year.
Among the disseminated intelligence products, the 125 CDRs shared with law enforcement reflect a drop from 163 in 2023. These reports provided information on 140 individuals and one entity, with 57 percent directed to the Fiji Police Force (FPF) and 25 percent to the Fiji Revenue and Customs Service (FRCS). Additionally, the FIU generated 66 intelligence products in response to direct requests from enforcement agencies, which included data on 168 individuals and 65 entities.
The FIU reported receiving an extraordinary 6,139,750 financial transaction and other reports, which were essential for developing intelligence. This included a mix of STRs, cash transaction reports (CTRs), threshold transaction reports (TTRs), and electronic funds transfer reports (EFTRs) from financial institutions. Furthermore, the FIU conducted 697 inquiries with financial institutions and governmental bodies to gather deeper insights for STR analysis and other intelligence products.
This detailed and collaborative approach showcases the Fiji FIU’s dedication to improving financial security and addressing financial crimes through rigorous analysis and partnerships with law enforcement and regulatory agencies. The ongoing efforts emphasize a commitment to enhancing the national framework for combating financial irregularities and building a safer economic landscape for all.