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Fiji’s Money Laundering And Terrorist Financing Risk Being Assessed

A nation assessment of the country’s money laundering and terrorist financing risks will be undertaken from this month. This national risk assessment is a requirement under the international standards on
11 Feb 2015 09:15
Fiji’s Money Laundering And Terrorist Financing Risk Being Assessed

A nation assessment of the country’s money laundering and terrorist financing risks will be undertaken from this month.

This national risk assessment is a requirement under the international standards on anti-money laundering and combating the financing of terrorism.

Countries are required to identify, assess and understand the money laundering and terrorist financing risks that they face in their jurisdiction.

The national risk assessment project is led by officers from the Ministry of Justice and the Financial Intelligence Unit together with a national risk assessment taskforce.

The taskforce will comprise of officials of the National Anti-Money Laundering Council members.

The Solicitor-General and acting Permanent Secretary for Justice, Sharvada Sharma as the Chairperson of the National Anti-Money Laundering Council, will provide oversight of the national risk assessment.

The Asian Development Bank will provide technical assistance towards this project.

This will be through the engagement of a technical consultant, who will assist the taskforce and relevant government officials to conduct the national risk assessment.

The outcome and recommendations of the national risk assessment will be submitted to the National Anti-Money Laundering Council.

Mr Sharma said the national risk assessment will help authorities to understand the level of money laundering and terrorist financing risks present in Fiji.

He said it will enable the Government and relevant authorities to apply anti-money laundering and combating the financing of terrorism measures which are commensurate with these risks.

Mr Sharma said the national risk assessment process will assist Fiji in its anti-money laundering and combating the financing of terrorism framework peer review and mutual evaluation.

These will be conducted by the Asia Pacific Group on Money Laundering in October 2015.

 

 



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