The Fiji Intelligence Unit (FIU) has unveiled a comprehensive National Policy on Preventing Money Laundering and Terrorist Financing, emphasizing the importance of tracing and recovering crime proceeds as a vital strategy in combating money laundering and serious financial crimes in the nation.
This newly established policy identifies the need to target illicit assets associated with the five principal crimes that contribute significantly to money laundering risks. Notable among these are narcotics-related offenses, organized crime, as well as taxation and customs violations. The focus on these areas aims to dismantle the financial underpinnings of criminal enterprises, thereby restoring public trust in the justice system.
Under the Proceeds of Crime (POC) framework, law enforcement authorities are empowered to identify, trace, freeze, and confiscate assets tied to serious offenses beyond just money laundering and terrorist financing. This includes a wider spectrum of criminal activities. The FIU specifies that authorities have the capability to freeze and seize assets related to criminal acts, apply for forfeiture orders after convictions, recover properties linked to fraud and drug trafficking, and even forfeit illicit assets without the necessity of a criminal conviction if they are deemed to be tainted.
Furthermore, the policy indicates that confiscation measures are also set forth in other legal frameworks, particularly concerning crimes like illegal logging and fishing. Applications for restraint and forfeiture orders rest with the Office of the Director of Public Prosecutions and the Fiji Independent Commission Against Corruption, with the High Court being the primary authority for these applications under the POC framework.
The FIU assures that enhancing efforts in asset recovery remains a crucial aspect of Fiji’s national strategy against money laundering and organized financial crime. This proactive approach not only aims to fortify the legal framework but also seeks to bolster the integrity of financial systems, promoting a safer and more transparent economic environment in Fiji.