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To contact the authors of this blog, please call telephones (679) 3342719, (679) 3544897 or e-mail info@gilbert.com.fj.


Wednesday, April 11, 2007

Financial Transactions Reporting Regulations

The Financial Intelligence Unit, located at the Reserve Bank of Fiji, has announced that it has issued the Financial Transactions Reporting Regulations under the Financial Transactions Reporting Act of 2004.

Investors and those that are interested in doing business in Fiji are advised to be mindful of the requirements of the Act and Regulations. The Regulations are to come into effect from 1 May 2007 upon receiving Cabinet approval.

Other pertinent requirements which come into effect from 1 January 2008 include :
  • the reporting of all cash transactions of F$10,000.00 and above;
  • the reporting of all electronic fund transactions; and
  • border currency reporting.

Stringent penalties including imprisonment can be faced if the requirements are not met.

Soft copies of the Regulations will be available from the Financial Intelligence Unit later.

For more details or clarifications, pls call the Financial Intelligence Unit on telephone (679) 3223333.

Note : If you require assistance in getting your business systems up to par with the requirements, you can use our company, Gilbert & Samuels Company Limited. We have done compliance work for large financial institutions in Fiji and helped them bring up their procedures to meet legal and regulatory requirements. To contact us, you can e-mail gilbert@connect.com.fj or call telephones (679) 3396427 or (679) 9921427.

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