Ela's Project

Aim
The aim of this research will be to exploit a critical approach as to the method used by the Fiji government to prevent m cardinaly laundering.

i.
Introduction
money laundering is usually referred to as the concept of concealing, relocating or seeking to retain the moolah conducted from a crime. It is the process of making criminal assets or recompense of crime (cash and non-cash assets) appear legitimate. In other words cleaning dirty capital or assets. This is done by conducting one or more legitimate fiscal and commercial operation so that the assets obtained at the end of the process looks clean or legitimate.
Criminals launder the proceeds of their crime so as to hold in the true source of their assets, thus giving the appearance that the assets were obtained from wakeless activities and to make detection of these assets by law enforcement agencies such as police difficult.
Subsequently, Fiji government has implemented many instruments to prevent a criminal from abusing the Fijis fiscal system and benefiting from the proceeds of crime.
some organisations in the finance sector, such as banks, and accountants, are involve to employ anti-laundering safeguards and implement secure systems in respect to money laundering.



Reporting obligations are strictly set whereby firms must subject area suspicious activities to the Fiji Intelligence Unit (FIU).
However, despite this, it must be analysed how these crimes can be presented and implement renowned precautions in ensuring cautionary measures are taken to help prevent money laundering.


(Source: www.fijifiu.gov.fj/moneylaundering)

2

Money Laundering and Its Effects
How does Money Laundering Affects Business?
The integrity of the banking and financial services marketplace depends heavily on the perception that it functions inwardly a framework of high legal, professional, and ethical standards. A disposition for integrity is one of the most valuable assets of a financial institution.
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