Press Release No. : 07/2007
Date : 11 May 2007
The World Bank has long been involved in international efforts on strengthening anti-money- laundering (AML) and combating the financing of terrorism (CFT) measures. Fiji agreed in 2005 to be assessed under the World Bank/International and Monetary Fund Financial Sector Assessment Programme (FSAP) including assessment of Fiji’s AML/CFT regime based on Financial Action Task Force (FATF) 40 Recommendations on money laundering and 9 Special Recommendations on terrorist financing within the scope of UN conventions and Security Council Resolutions.
A team of three experts from the World Bank visited Fiji from 20 February – 4 March, 2006 to conduct an onsite assessment of Fiji’s AML/CFT framework. The objective of the assessment was to determine how well Fiji is complying with the global AML/CFT standards.
The global standards which cover the criminal justice system and law enforcement, the financial system and its regulation and international co-operation have been set by the FATF. The FATF 40 + 9 Recommendations have been recognised by international organisations such as the International Monetary Fund and the World Bank as the international standards for combating money laundering and terrorist financing.
The World Bank team assessed Fiji’s institutional framework, the relevant legislative environment and the regulatory and other systems in place to deter money laundering and the financing of terrorism. The World Bank team also held numerous meetings with relevant agencies during the two weeks.
Since Fiji is a member of the APG, the Report was adopted at the APG’s annual plenary meeting that was held in July 2006 in Manila, Philippines. The Report is also published by the APG.
Each FATF Recommendation is assessed against four possible level of compliance, that is: compliant, largely compliant, partially complaint and non-compliant. Fiji’s level of compliance with the FATF 49 Recommendations as assessed by the World Bank is as follows:
Summary of the World Bank Findings
The World Bank’s Report of Fiji’s AML/CFT framework noted the following key findings:
Implementation of the World Bank’s Recommendation
The National Anti Money Laundering (AML) Officials Committee, in its meeting in October 2006 adopted an Action Plan outlining the agencies which will be responsible for the implementation of the respective recommendations of the World Bank Report.
The Action Plan is also aimed at ensuring the timely implementation of the recommendations of the World Bank Report. The Financial Intelligence Unit, as secretariat for the National AML Officials Committee, will be coordinating the implementation of the Action Plan.