In the last two days, FICAC's Commission Officers were privy to information regarding unexplained wealth in presentations conducted by the Director of Financial Intelligence Unit, Razim Buksh.

The Director discussed the relatively new unexplained wealth provisions in the Proceeds of Crime (Amendment) Decree that enables the Court to confiscate any property or benefit that is owned or controlled by any individual who cannot give a reasonable explanation about how he or she acquired that particular property or asset.

“A person has unexplained wealth if the value of the person's total wealth is greater than the value of the person's lawfully acquired wealth. The value of the person's total wealth is basically the total value of properties, including services, advantages and benefits that together constitute the person's wealth, says Mr. Buksh.

The information session also revealed that those who fail to provide a satisfactory explanation to the Court as to how they have acquired properties and maintain a standard of living beyond their means and lawful emoluments, are liable for the value of the total proceeds of unexplained wealth taken from him or her. For e.g. if total value of unexplained wealth is $100,000, the person will have to pay that amount to the Court.

“There is nothing wrong in acquiring wealth and improving the material well-being by people, however, this must be done legally and lawfully, adds Mr. Buksh.

As an interface between the private sector financial institutions and law enforcement authorities, the FIU assists with the flow of relevant financial information and intelligence and asset tracing and together with prominent institutions like FICAC, Police and Fiji Revenue & Customs Authority have been given the green light to investigate cases involving unexplained wealth.

In addition, Fiji's new Constitution (Section 12) although provides protection of persons from unreasonable seizure of his or her property, this protection does not include property acquired by illicit enrichment as provided under the Proceeds of Crime (Amendment) Decree, Prevention of Bribery Promulgation and the Unexplained Wealth provisions. Therefore, our laws only protects the rights of persons who acquire property lawfully.

In Fiji the penalty for illicit enrichment offence: is to a fine of $1million and to 10 years imprisonment. Furthermore, under FICAC's Prevention of Bribery Promulgation provides that the value of unexplained wealth can be forfeited to the State.

The public and businesses are encouraged to report suspected cases of unexplained wealth to FICAC or FIU or even the Police.