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FTR Act Obligations > Why do we need a FTR Act?

Why do we need a FTR Act?

Why is Fiji concerned about Money Laundering and Terrorist Financing?

  • Money laundering can hinder the integrity of our financial institutions and business sector because it means criminals are using legitimate financial institutions and businesses to launder or clean their illegal assets and funds.
     
  • If Fiji is not serious about money laundering this can tarnish our reputation on the global scene, making us known as a country with weak financial and regulatory systems. This may make it hard for us to attract credible investors and global partners to do business in Fiji or to use our financial institutions.
     
  • Terrorist financing leads to various terrorist attacks around the world which results in massive financial, economic and social loss to our global neighbours.
     
  • Money launderers and other criminals tend to seek out jurisdictions in which there is a low risk of detection because of weak financial systems and regulatory measures. It is therefore important for Fiji to put in effective measures and to be seen as a committed global partner in this fight.

How does the FTR Act Benefit Fiji and its Citizens?

The Fiji Government has responded to the threat of money laundering and terrorist financing by putting in place the Financial Transactions Reporting (FTR) Act. The FTR Act was passed by Parliament in December 2004 and came into force on 1st January 2006.

The FTR Act applies to a variety of businesses and professionals classed as financial institutions" such as:

  • Banks
  • Credit and lending institutions
  • Foreign exchange dealers
  • Money Transfer Service providers or Money Remitters
  • Insurance companies, brokers and agents
  • Real estate agents and businesses
  • Investment Advisers, Brokers and Dealers
  • Unit Trust or Investment Fund managers and trustees
  • Accountants
  • Lawyers

The FTR Act benefits Fiji in the following ways:

  • It requires financial institutions to put in place strict systems and procedures for doing business with their customers;
     
  • It makes it harder for criminals and terrorists to conduct their businesses through Fiji’s financial institutions;
     
  • It helps detect likely cases of money laundering and other serious crime occurring through our financial system;
     
  • It ensures that Fiji is known as a financially secure place to conduct transactions.
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