16 Jul 2003

Fiji's new Finance Intelligence unit expected to expose crime

4:24 pm on 16 July 2003

The chief manager of financial institutions at the Reserve Bank of Fiji, says the creation of a new Financial Intelligence Unit will expose criminal activity.

Inia Naiyaga says four departments have signed an agreement to work together in the unit which will focus on what he terms suspicious financial transactions.

The Financial Transaction Reporting Act will need to be enacted before the unit can officially operate so the unit will work as a department of the Reserve Bank in the meantime, manned by a bank officer and a member of the police force.

Mr Naiyaga says the unit will be only indulge in preliminary investigations.

"It will receive all the suspicious objection reports from financial institutions and then it will examine these reports, so in their examination if they feel there need to be further investigation, then they will pass on this information to the police."

Inia Naiyaga says the unit is a neccessity in the current global climate.