The number of money laundering cases in Fiji is on a rise, says Fiji Financial Intelligence Unit director Razim Buksh.
Speaking on the eve of Fiji FIU’s high-powered National Anti-Money Laundering Conference, themed “Prosecuting Money Laundering Crimes”, Mr Buksh revealed that there had been an increase in the number of cases reported to the Fiji Police Force.
In 2010 FIU disseminated 44 cases to the police for possible money laundering and proceeds of crime cases while for 2011, in just nine months the number of cases jumped up to 49.
“One of the cases that eventuated as a result of FIU’s dissemination into a successful money laundering case will be discussed at the conference,” Mr Buksh said.
In 2009, the FIU revealed that Government was losing approximately $34 million in revenue as more than a third of the $100m laundered annually through the financial institutions in Fiji was linked to tax evasion transactions.
The price to pay for this white-collar crime is high as under the Proceeds of Crime Act a person can be fined a maximum of $120,000 or imprisoned for 20 years while a corporate body can be fined a maximum of $600,000.
Some of the topics that will be discussed at the conference include Legal Framework for Anti-Money Laundering in Fiji, Prosecuting Money Laundering Crimes- Building a Strong Partnership and a real case study.
The conference will be opened by the Minister for Justice Mr Aiyaz Sayed-Khaiyum and closed by the Reserve Bank of Fiji Governor, Mr Barry Whiteside with speakers including former High Court Judge Justice Nazhat Shameem and Director of Public Prosecutions Ayesha Jinasena.
Money laundering has been described as the process of making criminal assets appear legitimate.