28 Jul 2004

Fiji spots more suspicious money deals

6:27 am on 28 July 2004

A report from Fiji says there has been a dramatic rise in instances of money laundering and suspicious financial transactions.

Fiji TV says the recently established Financial Intelligence Unit has recorded over 600 such transactions in the first six months of this year.

The amount involved is believed to be over 120 million US dollars.

A spokesman for the Financial Intelligence Unit, Razim Buksh, says some accountants and lawyers have been facilitating the money laundering.

The operation of over 400 real estate agents whose business conduct is not governed by any regulations has worsened the situation.

The government expects to table a Financial Transactions Reporting Bill in the next session of parliament