FTR Act

Financial Transactions Reporting Act of 2004    Effective 1 January 2006 (except section 13, Part 5) and 1 January 2008 (section 13, Part 5)

The FTR Act of 2004 regulates and controls the reporting of financial transactions by financial institutions and establishes the Financial Intelligence Unit.

The act provides for a legislative framework of measures to combat money laundering and the financing of terrorism in and through Fiji. The act ensures that necessary steps are taken to bring our national, law enforcement and financial systems into compliance with global trends and standards and in keeping with our regional obligations and commitments for combating money laundering and the financing of terrorism. At the same time these measures take into account circumstances in small but developing financial systems such as in Fiji.

In this regard, the Act provides for the following key measures:

1. Widening the scope and coverage of the term `financial institutions to include non-traditional financial and banking institutions as well so as to monitor other channels that can be used to channel black money;
2. Requiring financial institutions to take certain action when dealing with customers and their transactions;
3. Establishing the Financial Intelligence Unit, its functions and powers; and
4. Establishing the National Anti-Money Laundering Council.