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$100m ‘Black Money’ In Circulation: Report

Findings from the Reserve Bank of Fiji (RBF) revealed that ‘black money’ circulated in the Fijian economy was around $100 million. Financial Intelligence Unit director, Razim Buksh told the Standing
21 Sep 2016 10:26
$100m ‘Black Money’ In Circulation: Report
From left: Chief Manager Financial Institutions Vilimaina Dakai, Governor Barry Whiteside, chief manager Financial Markets Esala Masitabua with Financial Intelligence Unit director Razim Buksh (back left) during the submissions before the Standing Committee on Economic Affairs yesterday. Photo: Parliament of Fiji

Findings from the Reserve Bank of Fiji (RBF) revealed that ‘black money’ circulated in the Fijian economy was around $100 million.

Financial Intelligence Unit director, Razim Buksh told the Standing Committee on Economic Affairs in Parliament yesterday, that an estimated figure released in 2009 showed the circulation of ‘black money’ was around $100 million.

Opposition Member of Parliament, Viliame Gavoka, had asked how much the bank was not realising in tax because of ‘black money’ being circulated within the country.

Mr Buksh said that $100 million of these financial flaws was tainted with avoidance of tax and criminal proceeds that flowed through Fiji’s financial system on an annual basis.

Mr Buksh said they had retained the figure every year.

He said they looked at these in terms of criminal proceeds.

“So based on our estimates including tax evasions, money flowing through the financial system with criminal proceeds including proceeds from corruption, cybercrime, forgery, drug proceeds, substantial part of this figure , 50 per cent is tax evasion,” Mr Buksh said.

Mr Gavoka commended the RBF governor for managing the country’s wealth and the areas he was responsible for.

Meanwhile, RBF’s chief manager financial institutions, Vilimaina Dakai said the Fair Reporting Act was in place, however, they had not received an application to set up credit reporting agencies.

Edited by Caroline Ratucadra

Feedback: arieta.vakasukawaqa@fijisun.com.fj

 

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