RBF, ANZ in remittance issue

RESERVE BANK OF FIJI
SUVA
The Financial Intelligence Unit clarified the issue of the closing of bank accounts of money remittance service providers recently by ANZ Bank.
Razim Buksh, director of the unit, acknowledged ANZ’s decision to close accounts of MRSPs understanding it was a global business decision based on the bank’s assessment of money laundering risks.
However, further consideration may need to be given to Fiji’s strong regulatory framework for anti-money laundering in which MRSPs operate in Fiji.
Mr Buksh added that ANZ said the unit had been in discussions there is general willingness by ANZ to work with the regulators in Fiji on this matter.
Fiji has adequate laws and institutional measures in place to combat money laundering and terrorist financing.
All providers are covered by the FTR Act.
Feedback:  rachnal@fijisun.fj