Fiji : Detailed Assessment Report Anti-Money Laundering and Combating the Financing of Terrorism
Fiji has committed substantial resources to bringing its Anti-Money Laundering / combating the financing of terrorism (AML/CFT) system up to international standards. With the entry into force of the Financial Transactions Reporting Act (FTR Act) in...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/en/445081468249704881/Fiji-Detailed-assessment-report-anti-money-laundering-and-combating-the-financing-of-terrorism http://hdl.handle.net/10986/36677 |
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okr-10986-366772021-12-09T05:10:48Z Fiji : Detailed Assessment Report Anti-Money Laundering and Combating the Financing of Terrorism World Bank COMBATING THE FINANCING OF TERRORISM INTERNATIONAL STANDARD FOREIGN EXCHANGE DEALER LAW ENFORCEMENT AUTHORITY RISK OF MONEY LAUNDERING MISUSE OF PUBLIC FUNDS TERRORIST FINANCING PREVENTIVE MEASURE MUTUAL LEGAL ASSISTANCE UNIT INVESTMENT TRUST PROCEEDS OF CRIME INTERNATIONAL COOPERATION Fiji has committed substantial resources to bringing its Anti-Money Laundering / combating the financing of terrorism (AML/CFT) system up to international standards. With the entry into force of the Financial Transactions Reporting Act (FTR Act) in January 2006, Fiji has added a central piece to a strong AML/CFT legislative framework. The FTR Act closely reflects the international standard in creating a range of AML/CFT preventive regulatory requirements and extending them to a wide range of financial institutions and non-financial businesses and professions. The Act is recent and implementation is still at an early stage. The criminalization of money laundering is in line with international standards. Fiji also enjoys a progressive and comprehensive legislative framework for preserving and recovering the proceeds of crime. The law criminalizes a range of Terrorist Financing (TF) acts. The criminalization falls short of international requirements in some technical respects. While no TF acts have been detected, it was established that enforcing the TF provisions is operationally contingent on the passing of a comprehensive anti-terrorism law, which is still at an early stage of drafting. 2021-12-08T14:19:47Z 2021-12-08T14:19:47Z 2006-07 Report http://documents.worldbank.org/curated/en/445081468249704881/Fiji-Detailed-assessment-report-anti-money-laundering-and-combating-the-financing-of-terrorism http://hdl.handle.net/10986/36677 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Anti-Money Laundering/CFT Assessment East Asia and Pacific Oceania Fiji |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
COMBATING THE FINANCING OF TERRORISM INTERNATIONAL STANDARD FOREIGN EXCHANGE DEALER LAW ENFORCEMENT AUTHORITY RISK OF MONEY LAUNDERING MISUSE OF PUBLIC FUNDS TERRORIST FINANCING PREVENTIVE MEASURE MUTUAL LEGAL ASSISTANCE UNIT INVESTMENT TRUST PROCEEDS OF CRIME INTERNATIONAL COOPERATION |
| spellingShingle |
COMBATING THE FINANCING OF TERRORISM INTERNATIONAL STANDARD FOREIGN EXCHANGE DEALER LAW ENFORCEMENT AUTHORITY RISK OF MONEY LAUNDERING MISUSE OF PUBLIC FUNDS TERRORIST FINANCING PREVENTIVE MEASURE MUTUAL LEGAL ASSISTANCE UNIT INVESTMENT TRUST PROCEEDS OF CRIME INTERNATIONAL COOPERATION World Bank Fiji : Detailed Assessment Report Anti-Money Laundering and Combating the Financing of Terrorism |
| geographic_facet |
East Asia and Pacific Oceania Fiji |
| description |
Fiji has committed substantial resources
to bringing its Anti-Money Laundering / combating the
financing of terrorism (AML/CFT) system up to international
standards. With the entry into force of the Financial
Transactions Reporting Act (FTR Act) in January 2006, Fiji
has added a central piece to a strong AML/CFT legislative
framework. The FTR Act closely reflects the international
standard in creating a range of AML/CFT preventive
regulatory requirements and extending them to a wide range
of financial institutions and non-financial businesses and
professions. The Act is recent and implementation is still
at an early stage. The criminalization of money laundering
is in line with international standards. Fiji also enjoys a
progressive and comprehensive legislative framework for
preserving and recovering the proceeds of crime. The law
criminalizes a range of Terrorist Financing (TF) acts. The
criminalization falls short of international requirements in
some technical respects. While no TF acts have been
detected, it was established that enforcing the TF
provisions is operationally contingent on the passing of a
comprehensive anti-terrorism law, which is still at an early
stage of drafting. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Fiji : Detailed Assessment Report Anti-Money Laundering and Combating the Financing of Terrorism |
| title_short |
Fiji : Detailed Assessment Report Anti-Money Laundering and Combating the Financing of Terrorism |
| title_full |
Fiji : Detailed Assessment Report Anti-Money Laundering and Combating the Financing of Terrorism |
| title_fullStr |
Fiji : Detailed Assessment Report Anti-Money Laundering and Combating the Financing of Terrorism |
| title_full_unstemmed |
Fiji : Detailed Assessment Report Anti-Money Laundering and Combating the Financing of Terrorism |
| title_sort |
fiji : detailed assessment report anti-money laundering and combating the financing of terrorism |
| publisher |
World Bank, Washington, DC |
| publishDate |
2021 |
| url |
http://documents.worldbank.org/curated/en/445081468249704881/Fiji-Detailed-assessment-report-anti-money-laundering-and-combating-the-financing-of-terrorism http://hdl.handle.net/10986/36677 |
| _version_ |
1764484559968141312 |