Fiji

Last updated: 02/04/2007

COUNTRY

FIJI

CENTRAL AUTHORITY FOR REPORTING

Financial Intelligence Unit based at the Reserve Bank of Fiji.

ARE LAWYERS COVERED BY MONEY LAUNDERING LEGISLATION?

Financial Transactions Reporting Act 2004 (FTR Act) SCHEDULE (Section 2 Interpretation of "financial institution")   (p)        A legal practitioner or an accountant when preparing or carrying out transactions for clients relating to:   (i)         Buying or selling real estate; (ii)        Managing client money, securities or other assets; (iii)       Managing bank, savings or securities accounts; (iv)       Organising contributions for the creation, operation or management of companies; (v)        Creating, operating or managing legal persons or legal arrangements including trusts, partnerships, and unincorporated associations and buying and selling business entities.

NAME LAWS REGARDING ANTI-MONEY LAUNDERING PROCEDURES

Anti-Transnational Crime Bill 2005 Proceeds of Crime (Amendment) Act 2004  Financial Transactions Reporting Act 2004 (FTR Act) Proceeds of Crime Act 1997 "The Fijian government has passed a law to combat money laundering and terrorist financing." 2/3 "Under the Financial Transactions Reporting Regulations, regulated financial firms will have to identify clients and keep records of operations. Firms subject to the act are banks, finance companies, lawyers, accountants, foreign exchange dealers, real estate agents; money remitters; insurance companies and securities companies. The FTRA also established a financial intelligence unit." 1

IN ADDITION TO THESE LAWS, IS THERE ANY MONEY LAUNDERING GUIDANCE FOR LAWYERS CURRENTLY IN PLACE?

No information available.

UNDER WHAT CIRCUMSTANCES IS A LAWYER UNDER THE OBLIGATION TO REPORT?

Financial Transactions Reporting Act 2004 (FTR Act) PART 3: OBLIGATIONS TO REPORT Financial institutions to report financial transactions.   13. (1) A financial institution must, in the prescribed form and manner, report to the Unit any transaction of an amount in cash exceeding $10,000 or such other amount as may be prescribed in the course of a single transaction (or its equivalent in foreign currency), unless the recipient and the sender in the transaction are financial institutions carrying on the business or activity set out in paragraph (a) of the Schedule.   Financial institution to report suspicious transactions   14. (1) Where a financial institution:   (a)        Suspects or has reasonable grounds to suspect that a transaction or attempted transaction may be related to the commission of a serious offence, a money laundering offence or an offence of the financing of terrorism or an act preparatory to an offence of financing of terrorism; or (b)        Has information it suspects or has reasonable grounds to suspect may be:   (i)         Relevant to an investigation or prosecution of a person or persons for a serious offence, a money laundering offence or an offence of the financing of terrorism; (ii)        Of assistance in the enforcement of the Proceeds of Crime Act 1997; (iii) Related to the commission of a serious offence; a money laundering offence or an offence of the financing of terrorism; or (iv) Preparatory to an offence of the financing of terrorism;   the financial institution must, as soon as practicable after forming that suspicion, but no later than 2 working days, report the transaction or attempted transaction to the Unit. 4

LAWYER RESPONSIBILITY/LIABILITY

Financial Transactions Reporting Act 2004 (FTR Act) PART 3: OBLIGATIONS TO REPORT Financial institutions to report financial transactions   (5) A financial institution which contravenes subsection (1) or (2) commits an offence and is liable on conviction:   (a)        For an individual: to a fine not exceeding $30,000 or to a term of imprisonment not exceeding 5 years or both; (b)        For a body corporate: to a fine not exceeding $150,000.   Financial institution to report suspicious transactions   (4) A financial institution which fails without reasonable excuse to comply with subsection (1) commits an offence and is liable on conviction:   (a)        For an individual: to a fine not exceeding $30,000 or to a term of imprisonment not exceeding 5 years or both; (b)        For a body corporate: to a fine not exceeding $150,000.

CLIENTS IDENTIFICATION AND VERIFICATION

Under Section 4 of the FTR Act, financial institutions have to identify and verify customers, however certain exemptions exist for instance, where the customer is an existing and regular client. Section 4(1):   “A financial institution must identify a customer (including name, address and occupation where the customer is a natural person) on the basis of any official or other identifying document and verify the identity of the customer on the basis of reliable and independent source documents, data or information or other evidence as is reasonably capable of verifying the identity of the customer…”

LAWYERS PROSECUTED FOR MONEY LAUNDERING OFFENCES

No information available.